Income Tax : Monetary gifts to individuals or HUFs exceeding ₹50,000 in a year are taxable unless received under specific exemptions like fro...
Income Tax : Understand the tax implications of Raksha Bandhan gifts. Learn about exemptions for gifts from relatives and the tax rules for gif...
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 ...
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...
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.
Gift is usually used to convert black money into white money. To stop practice of converting black money into white money a section 56(2)(Vii) introduced by Finance Act , 2009 and amended by Finance act , 2010. This section deals with law of taxation of gift.
Gifts!! This word always brings smile not only on face of children but also the elder once. But at the same time we should keep in mind the tax implication on gifts. Hence today I am covering this topic in detail. Type of gifts and its taxation is as under: 1. Cash: If aggregate value […]
Article explains Taxability of gift to minor, Taxability of gift to uncle by nephew, Whether gifts received from friends and relatives on the occasion of daughter’s marriage are exempt, Taxability of Gift of Car, Whether interest free loans can be charged to tax as sum of money received without consideration, Taxability of Gift from Mother’s […]
Receiving Gift indeed brings a cheerful smile on the face of the receiver, but if receiver gets to know that he has to pay tax thereon, the smiling face may turn sad. Although Gift Tax Act has been abolished, however there are certain provisions in the Income Tax Act, which make the gift taxable in […]
Article explains Income Tax Treatment of Immovable Property Received as Gift Without Consideration or for Inadequate Consideration, Any property other than immovable property received Without consideration of For Inadequate Consideration and all those gifts which are fully exempt under Income Tax under Section 56(2)(X) 1. Cash: If aggregate value is less than Rs.50000 than nothing […]
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 taxability of gift received by an individual or a Hindu Undivided Family (HUF) under Income Tax Act. 1. Monetary Gifts: If the […]
DECLARATION OF GIFT This declaration of Gift is made on this ___ day of _______, ___ between ______________, W/o ________________, R/o. ___________________, (herein after called the donor) of the one part, and ________________ , R/o. ______________________________, (herein after called the donee) of the other part: Where as the donor out of her natural love and […]
This article provides list of relatives covered Section 56(2)(VII) of the Income Tax Act,1961. As per Section 56(2)(VII) if any gift received from relative which are covered under following list will be exempt in the hands of receiver.
A gift is Money or House, Shares, Jewelry etc. that is received without any consideration, or simply an asset received without making a payment against it and is a capital asset for the Recipient. It can be in the form of cash, movable property or immovable property. (A capital asset typically refers to anything the individual owns for personal […]
