Income Tax : Learn when monetary, immovable, and movable property gifts become taxable under the Income-tax Act. The FAQs explain exemptions, t...
Income Tax : This guide explains when gifts received by individuals and HUFs become taxable under the Income-tax Act, including monetary, movab...
Income Tax : The Income Tax Act, 2025 expressly includes maternal as well as paternal lineal ascendants and descendants in the definition of re...
Income Tax : ITAT held spousal gift taxable under Section 68 due to lack of evidence on genuineness, bank trail, and donor capacity despite Sec...
Fema / RBI : Learn the FEMA rules governing gifts of money, shares, and property to non-residents, including documentation, valuation, and repa...
Finance : he Bombay High Court ruled on Wednesday that no part of an ancestral family property can be ‘gifted’ away. The court in a land...
Income Tax : The ITAT Mumbai held that gifts of shares completed before the introduction of Section 56(2)(vii)(c) could not be taxed under that...
Income Tax : The ITAT Surat remanded a case involving a Rs.30 lakh gift treated as unexplained cash credit under Section 68. The Tribunal allow...
Income Tax : ITAT Chandigarh ruled that cash gifts from close relatives, supported by affidavits and audited accounts, cannot be treated as une...
Income Tax : The Bombay High Court ruled that the CIT cannot exercise revision powers under Section 263 when the Assessing Officer has verified...
Income Tax : ITAT Kolkata held that gifts received from a brother-in-law are exempt under Section 56(2)(vii), as the relationship qualifies as ...
Learn when monetary, immovable, and movable property gifts become taxable under the Income-tax Act. The FAQs explain exemptions, thresholds, relatives, and key tax rules applicable to individuals and HUFs.
The ITAT Mumbai held that gifts of shares completed before the introduction of Section 56(2)(vii)(c) could not be taxed under that provision. The ruling clarifies that subsequent procedural formalities cannot alter the original date of transfer.
This guide explains when gifts received by individuals and HUFs become taxable under the Income-tax Act, including monetary, movable, and immovable gifts. It highlights the significance of the ₹50,000 threshold and the key exemptions available for gifts from relatives, marriage, inheritance, and specified institutions.
The Income Tax Act, 2025 expressly includes maternal as well as paternal lineal ascendants and descendants in the definition of relative. The key takeaway is that gifts from maternal grandparents and similar relatives now clearly qualify for tax exemption.
The ITAT Surat remanded a case involving a Rs.30 lakh gift treated as unexplained cash credit under Section 68. The Tribunal allowed the assessee another opportunity to submit bank records and explain the source of the gift.
ITAT held spousal gift taxable under Section 68 due to lack of evidence on genuineness, bank trail, and donor capacity despite Section 56 exemption.
Learn the FEMA rules governing gifts of money, shares, and property to non-residents, including documentation, valuation, and repatriation considerations.
ITAT Chandigarh ruled that cash gifts from close relatives, supported by affidavits and audited accounts, cannot be treated as unexplained income. The assessee’s appeal was allowed.
The Bombay High Court ruled that the CIT cannot exercise revision powers under Section 263 when the Assessing Officer has verified the identity, source, and creditworthiness of foreign donors and satisfied with gifts received.
ITAT Kolkata held that gifts received from a brother-in-law are exempt under Section 56(2)(vii), as the relationship qualifies as relative for tax purposes.
