Case Law Details
Case Name : DCIT Vs Shri Arvind N. Nopany (ITAT Ahmedabad)
Related Assessment Year : 2008-09 & 2009-10
Courts :
All ITAT ITAT Ahmedabad
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DCIT Vs Shri Arvind N. Nopany (ITAT Ahmedabad)
Conclusion :- Once the identity, creditworthiness and genuineness of the transaction has been proved, gift received from the brother-in-law is exempted in terms of provisions of section 56.
Facts :-
Assessee received gift of an amount of INR 16 Crore from his brother-in-law.
AO asked the assessee to provide evidence with regard to the identity, creditworthiness and genuineness of the transaction.
Assessee duly submitted details of donor like PAN number, bank statement, capital gain statement and confirmation of donor which clearly and doubtlessly ...
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Question 1
case: gift of my inherited land/plot(from my late mother) to my wife’s brother’s daughter for her marriage-is it exempt from tax? please clarify.
question 2
case: gift of my inherited land/plot(from my late mother) to my wife’s brother-there is no occassion of marriage-is it exempt from tax? please clarify
Is there any provisions to recevie a gift as cash from brother in law