gift from relatives

“Love”is tax free ?

Income Tax - Valentine's Day (14th February) is the perfect time to express your love in the most extraordinary way. While expressing love and affection to our beloved ones we carry out certain transaction of give and take, are they taxable?...

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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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Taxes on Gift

Income Tax - Income tax was not applicable on all gift received by a person until the financial year 2003-04. In 2004, changes were made to the Income Tax Act. Currently, any amount received by a person or HUF over Rs.50000/- in a year from any unrelated person, in cash or in kind, will be included as income....

Read More

Income Tax on Gift

Income Tax - Income tax was not applicable all gift received by a person until the financial year 2003-04. In 2004, changes were made to the Income Tax Act. Currently, any amount received by a person or HUF over Rs.50,000 in a year from any unrelated person, in cash or by way of credit, will be included as income. In this article, we look at income ta...

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Tax Treatment of Gifts Received By an Individual or HUF

Income Tax - A very common and frequent question running in the mind of taxpayers is the tax ability of gifts. In this part, an effort has been made to discuss the various provisions relating to tax ability of gift received by an individual or a Hindu Undivided Family (HUF) under Income Tax Act. 1. Monetary Gifts: If […]...

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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 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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Addition cannot be made for invalid gift of immovable property

Shri P. Vijayadeva Reddy Vs Assistant Commissioner of Income Tax (ITAT Bangalore) - If the gift is invalid then the assessee is not even owner of any property and therefore, no question arises for making addition in the hands of the assessee in respect of that property which is not even owned by the assessee and in that case also, addition if any may be made in the hands of the do...

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Addition justified for Failure to prove genuineness of gifts received

Rajinder Mohan Lal Vs Pr. CIT (Punjab & Haryana High Court) - The assessee in order to draw benefit of the exemption under Proviso to section 56(2)(vi) of the Act was required to prove that the said gifts were received from any relative described there under or had been received on the occasion of marriage of the individual i.e., assessee....

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Recent Posts in "gift from relatives"

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 further submitted that the bank statement [&...

Read More

“Love”is tax free ?

Valentine's Day (14th February) is the perfect time to express your love in the most extraordinary way. While expressing love and affection to our beloved ones we carry out certain transaction of give and take, are they taxable?...

Read More
Posted Under: Income Tax | ,

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. ...

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 | ,

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....

Read More

Addition cannot be made for invalid gift of immovable property

Shri P. Vijayadeva Reddy Vs Assistant Commissioner of Income Tax (ITAT Bangalore)

If the gift is invalid then the assessee is not even owner of any property and therefore, no question arises for making addition in the hands of the assessee in respect of that property which is not even owned by the assessee and in that case also, addition if any may be made in the hands of the donor if the donor is not able to explain ...

Read More

Taxes on Gift

Income tax was not applicable on all gift received by a person until the financial year 2003-04. In 2004, changes were made to the Income Tax Act. Currently, any amount received by a person or HUF over Rs.50000/- in a year from any unrelated person, in cash or in kind, will be included as income....

Read More
Posted Under: Income Tax |

Income Tax on Gift

Income tax was not applicable all gift received by a person until the financial year 2003-04. In 2004, changes were made to the Income Tax Act. Currently, any amount received by a person or HUF over Rs.50,000 in a year from any unrelated person, in cash or by way of credit, will be included as income. In this article, we look at income ta...

Read More
Posted Under: Income Tax |

Addition justified for Failure to prove genuineness of gifts received

Rajinder Mohan Lal Vs Pr. CIT (Punjab & Haryana High Court)

The assessee in order to draw benefit of the exemption under Proviso to section 56(2)(vi) of the Act was required to prove that the said gifts were received from any relative described there under or had been received on the occasion of marriage of the individual i.e., assessee....

Read More

Tax Treatment of Gifts Received By an Individual or HUF

A very common and frequent question running in the mind of taxpayers is the tax ability of gifts. In this part, an effort has been made to discuss the various provisions relating to tax ability of gift received by an individual or a Hindu Undivided Family (HUF) under Income Tax Act. 1. Monetary Gifts: If […]...

Read More
Posted Under: Income Tax |
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