gift from relatives

Tax Implications on Giving or Receiving Gifts in India

Income Tax - Want to gift a property or life time savings to your loved ones? Or have you received a car as a gift on your birthday? Are you worried about the cash gifts received on your wedding? Enjoy giving or receiving gifts guilt-free once you are mindful of the Gifting provisions in India....

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FAQ / Performa of gift deed, List of Relatives for Tax free Gift

Income Tax - Article contains FAQ on Gift, ,list of relatives from whom an individual can receive the gifts without any income tax liability and also giving below Performa of gift deed....

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Taxation of Gift- Under Income Tax

Income Tax - A receipt of sum of money or property* without consideration chargeable to tax under S. 56(2)(VII) if the following condition are satisfied. 1. Individual or HUF 2. Received on or after 01.10.2009and  before 01.04.2017 3. Sum of money or property falls in any of the following category 4. It does not fall under exempted category...

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Taxability of Gifts received from Relatives & Non Relatives

Income Tax - If  an individual/Huf receives from any person or persons any gift , exceeding Rs. 50000 in any previous year, as per income tax laws, the aggregate amount shall be taxable as Income From Other Sources in the hands of individual or HUF U/s 56. The gift can be the following...

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Taxability of Gift received by an individual or HUF with FAQs

Income Tax - Sum of money:-As per the provisions of the I-T Act, 1961 (the Act), any sum of money received by an individual or a Hindu undivided family in a particular financial year, without consideration, the aggregate value of which exceeds Rs 50,000 is taxable....

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Ancestral family property can be ‘gifted’ away : Bombay HC

Income Tax - he Bombay High Court ruled on Wednesday that no part of an ancestral family property can be ‘gifted’ away. The court in a landmark order while resolving the dispute over a 69-year-old gift deed declared as void the document dating back to 1941, which said that Miraj resident Mallapa had gifted a portion of his ancestral property to hi...

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Addition for Gift justified on failure to substantiate claim of gift received

Shri. Vicky Jethani Vs ITO (ITAT Jaipur) - Shri Vicky Jethani Vs ITO (ITAT Jaipur) We note that the assessee has claimed the gift of Rs. 8,00,000/- received from Smt. Poonaj Kanjani stated to be the Aunt of the assessee and non-resident Indian based at UAE. In support of the claim, the assessee has furnished the Bank Certificate of Bank of B...

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Section 56(2)(vii) HUF can’t be treated as a ‘Donor’ of Gift

Gyanchand M. Bardia Vs. The Income Tax Officer (ITAT Ahmedabad) - Gyanchand M. Bardia Vs. ITO (ITAT Ahmedabad) The first dispute between the parties is qua validity of assessee’s gift claim as received from the HUF amounting to Rs. 1,02,00,000/- coming through banking channel. Both the lower authorities are of the view that an HUF does not come under the specifi...

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Addition U/s. 68 justified if Genuineness & creditworthiness of donor not proved

Kailash A. Kothari Vs ITO (ITAT Mumbai) - Kailash A. Kothari Vs ITO (ITAT Mumbai) Learned departmental representative submitted that it is abundantly clear that the said donor has no capacity to give the said gift. He submitted that in absence of the cogency of the capacity, mere declaration of gift cannot be accepted as sufficient. He furt...

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ITAT explains Meaning of term “relative” in context of HUF

Subodh Gupta (HUF) Vs Pr CIT (ITAT Delhi) - While hearing the case of Subodh Gupta vs Commissioner of Income Tax (CIT), Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that gift received by Hindu Undivided Family (HUF) from the mother of Karta would attract Income Tax. ...

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Validity of Reassessment to verify genuineness of gift based on Assessment of relatives

Shri Ashok Mahindru Vs. ITO (ITAT Delhi) - While deleting an addition made in respect of undisclosed income, the Delhi bench of the ITAT held that the gift received by the assessee cannot be treated as non-genuine merely for the reason that the family members of the assessee had received bogus gifts during the same year....

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Recent Posts in "gift from relatives"

Addition for Gift justified on failure to substantiate claim of gift received

Shri. Vicky Jethani Vs ITO (ITAT Jaipur)

Shri Vicky Jethani Vs ITO (ITAT Jaipur) We note that the assessee has claimed the gift of Rs. 8,00,000/- received from Smt. Poonaj Kanjani stated to be the Aunt of the assessee and non-resident Indian based at UAE. In support of the claim, the assessee has furnished the Bank Certificate of Bank of Baroda regarding […]...

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Tax Implications on Giving or Receiving Gifts in India

Want to gift a property or life time savings to your loved ones? Or have you received a car as a gift on your birthday? Are you worried about the cash gifts received on your wedding? Enjoy giving or receiving gifts guilt-free once you are mindful of the Gifting provisions in India....

Read More
Posted Under: Income Tax |

FAQ / Performa of gift deed, List of Relatives for Tax free Gift

Article contains FAQ on Gift, ,list of relatives from whom an individual can receive the gifts without any income tax liability and also giving below Performa of gift deed....

Read More
Posted Under: Income Tax | ,

Taxation of Gift- Under Income Tax

A receipt of sum of money or property* without consideration chargeable to tax under S. 56(2)(VII) if the following condition are satisfied. 1. Individual or HUF 2. Received on or after 01.10.2009and  before 01.04.2017 3. Sum of money or property falls in any of the following category 4. It does not fall under exempted category...

Read More
Posted Under: Income Tax | ,

Taxability of Gifts received from Relatives & Non Relatives

If  an individual/Huf receives from any person or persons any gift , exceeding Rs. 50000 in any previous year, as per income tax laws, the aggregate amount shall be taxable as Income From Other Sources in the hands of individual or HUF U/s 56. The gift can be the following...

Read More
Posted Under: Income Tax | ,

Taxability of Gift received by an individual or HUF with FAQs

Sum of money:-As per the provisions of the I-T Act, 1961 (the Act), any sum of money received by an individual or a Hindu undivided family in a particular financial year, without consideration, the aggregate value of which exceeds Rs 50,000 is taxable....

Read More
Posted Under: Income Tax |

Sec. 56 Tax Treatment of Gifts Received by An Individual or HUF

Monetary Gifts Any sum of money received without consideration (i.e., monetary gift may be received in cash or in kind i.e. cheque, draft, etc.) by an individual/ HUF will be charged to tax if the aggregate value of such sum of money received during the year exceeds Rs. 50,000. A. Cases in which monetary gift […]...

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Posted Under: Income Tax |

Taxation of Gifts received or Specified assets purchased by any person

This article is about the taxability of gifts received or specified assets purchased by a person. Provisions of sec 56(2)(x) of IT Act 1961(introduced by Finance Act - 2017) deals with the taxation of gifts received or specified assets purchased....

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Posted Under: Income Tax |

Section 56(2)(vii) HUF can’t be treated as a ‘Donor’ of Gift

Gyanchand M. Bardia Vs. The Income Tax Officer (ITAT Ahmedabad)

Gyanchand M. Bardia Vs. ITO (ITAT Ahmedabad) The first dispute between the parties is qua validity of assessee’s gift claim as received from the HUF amounting to Rs. 1,02,00,000/- coming through banking channel. Both the lower authorities are of the view that an HUF does not come under the specified category of a relative in […]...

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Taxability of GIFTs for Individuals/HUFs

In India we express our love and affection through gifts. There are various occasions for gift giving in our society like Rakshabandhan, Diwali, marriages, birthdays and the list goes on. But the government is keeping a close eye on such gifts as they may be misused by tax payers to escape taxes on their income by simply transferring thei...

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Posted Under: Income Tax |

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