Income Tax : Explore the guidelines for gifting shares and money from residents to non-resident relatives under FEMA and LRS, ensuring complian...
Income Tax : Explore the intricacies of a Gift Deed, detailing the transfer of shares with love and affection. Understand the legalities, assur...
Income Tax : आयकर रिकार्ड करने को सुलझाएँ किसी भी शादी मौके पर ...
Income Tax : Explore the intricacies of Diwali gift tax provisions in India. Uncover the exemptions, taxable scenarios, and asset consideration...
Income Tax : Tax treatment of gifts for individuals and HUFs, covering monetary, immovable, and movable property, exceptions, and COVID-19 reli...
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 : ITAT Delhi rules in favor of Anuj Sood in a case involving jewellery gifted during marriage, prior to a tax search action. Discove...
Income Tax : In Sharon Agarwal Vs ITO, ITAT Delhi deletes addition of cash gifts received from mother. Explore implications of this landmark de...
Income Tax : From gift deed it is crystal clear that the said property was gifted by assesee to his sister out of natural love and affection an...
Income Tax : It is pertinent to note that to meet the emergency situation of additional expenses by the assessee the assessee has obtained cash...
Income Tax : ITAT held that cash gifts received by the assessee from her brother and sister cannot be added as unexplained income under section...
It is held that transaction within the family and close relative are covered by the proviso to section 56(2)(viii)(c) and there is no application of the said section for taxing the income under the head ‘Income from other sources’. The provisions of s. 56(2)(viii)(c)(ii) shall not apply in case of money or any property received from any close relative.
As per the Hindu Law every member of HUF has a pre-existing right in the property of the HUF and any amount given to a member therefore from the HUF property tantamounts to only giving him what actually belonged to him and there is no question therefore of the same being any amount given for no consideration or in the nature of gift, which are covered in the scope of Section 56(2)(vii) of the Act.
It is the season of festivals and gifting to our near and dear ones is customary. Gifting is a way to show that you care about someone. Gifts can be in the form of money, immovable property, movable property such as Gold, shares, etc. Suppose, you want to gift your sister a perfect wedding gift. […]
Introduction: The title of the article emphasis on the applicability of Income Tax, on the gifts, whether movable or immovable received by an individual from any person on different occasions. Description: The Income Tax Act, 1961 bifurcates gifts received by an individual in the broad categories namely Gift of money (whatever the mode, cash or […]
A member of the ‘HUF’ has a pre-existing right in the family properties. A Coparcener has a pre-existing right and interest in the property and can demand partition also, however, the other members of the ‘HUF’ have right to be maintained out of the ‘HUF’ property. On division, the share in the estate/capital of the ‘HUF’ cannot be treated as income of the recipient, rather, the same will be a capital receipt in his hands.
The Indian Culture has thousands of years of history as well as various traditions attached to it. It is also a birth place of many religions like, Hinduism, Sikhism, Buddhism, Jainism etc. Beside, India is a country with diversified culture where each occasion is a reason to celebrate and show love and affection to close […]
Any person receives Gift from any other person, would be consider as income of the recipient as per section 56(2)(x) with certain exemptions. Section 56(2)(x) was inserted by Finance Act 2017 w.e.f.1st April, 2017 read as under: Where any person receives, in any previous year, from any person or persons on or after 1st day […]
Sheela Yogi Vs ITO (ITAT Jaipur) Once the summons have been issued and these persons have appeared and given their statements before the AO wherein they have confirmed that they have advanced the amount to the assessee towards purchase of the agricultural land and has also disclosed the source of their earnings/savings, the assessee has […]
As per section 56(2)(vii) of Income Tax Act, gifts received by an individual or a hindu undivided family in the form of money or property (without consideration or with inadequate consideration) is taxable as income under the head Income from Other Sources provided such income falls under five categories mentioned below and such income does not fall in the exempted category.
As per section 56(2)(i), dividends are always taxed under this head. However, dividends from domestic company other than those covered by section 2(22)(e) are exempt from tax under section 10(34). Winnings from lotteries, crossword puzzles, races including horse races, card game and other game of any sort, gambling or betting of any form whatsoever, are always taxed under this head.
