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 ...
Understand the legal and tax implications of gifting movable and immovable property. Learn about gift deeds, tax exemptions, capital gains, stamp duty, and registration requirements.
In Sharon Agarwal Vs ITO, ITAT Delhi deletes addition of cash gifts received from mother. Explore implications of this landmark decision
सामान्यतः हम यह पाते हैं कि व्यापारिक लेन-देन में किताबों में नगदी कम पड़ जाती है तो हम प्रोप्राइटर या पार्टनर के पूंजी खाते से निवेश बता देंते है. इनके खाते में पैसा कहां से आया, इसके लिए हम माता पिता या रिश्तेदारों से निजी उपयोग के लिए गिफ्ट बता देते हैं जो ज्यादातर कैश […]
From gift deed it is crystal clear that the said property was gifted by assesee to his sister out of natural love and affection and it was in this back drop that assessee claimed before CIT(A) that incidence of transfer of immovable property was not liable to tax in his hands.
It is pertinent to note that to meet the emergency situation of additional expenses by the assessee the assessee has obtained cash not only from assessee’s father and mother but also the close relative i.e. the maternal uncle, maternal aunt as well as paternal uncle and paternal aunt and the said relation cannot be doubted by the Assessing Officer.
Gifts in India are cultural aspects handed down from generations. Learn the in-depth analysis of taxation of gifts and how lawmakers are trying to tackle the issue.
Discover the comprehensive list of relatives covered under section 56(2) of Income Tax Act, 1961. Find out who is exempt from tax on gifts and transfers.
ITAT held that cash gifts received by the assessee from her brother and sister cannot be added as unexplained income under section 69A.
ITAT Ahmedabad cancels penalty on Anisha R. Dhanani. Unexplained cash credit addition lacked accurate particulars. Bona-fide explanation considered.
There is no prohibition for the NRI for accepting the gifts from the relatives. In the absence of any prohibition, no adverse inference can be drawn against the assessee based on the prevailing system in the society.
