gift in kind

Gifting to NRIs: Shares & Money Transfer Rules

Income Tax - Explore the guidelines for gifting shares and money from residents to non-resident relatives under FEMA and LRS, ensuring compliance with Indian regulations....

Format of Gift Deed

Income Tax - Explore the intricacies of a Gift Deed, detailing the transfer of shares with love and affection. Understand the legalities, assurances, and the absolute ownership bestowed upon the Donee in this comprehensive guide....

Are gifts received from relatives on Diwali subject to taxation?

Income Tax - Explore the intricacies of Diwali gift tax provisions in India. Uncover the exemptions, taxable scenarios, and asset considerations that can impact your festive generosity....

Tax Treatment of Gifts Received By an Individual or HUF: Rules & Exceptions

Income Tax - Tax treatment of gifts for individuals and HUFs, covering monetary, immovable, and movable property, exceptions, and COVID-19 relief provisions....

Taxability of Gifts in the Hands of Recipients Simplified

Income Tax - Learn about gift tax rules in India, including exemptions, taxability, and the impact on recipients. Get insights into tax-saving options....

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...

Affidavit must for gift in kind, over Rs. 50,000, from relatives

Income Tax - From now on, when you get a gift in kind, valued at more than Rs. 50,000, from your parents or other relatives, make sure you have a sworn affidavit declaring the donor your kin.The Central Board of Direct Taxes has ruled that any such gift will be taxable for the donee unless it is from relatives or given during occasions such as marriag...

No capital Gain Tax on Gift of Immovable Property to Sister

Sanjay Bansal Vs ITO (ITAT Delhi) - 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....

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....

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...

Gift received from a HUF by a member of HUF is exempt from tax

DCIT Vs Ateev V. Gala (ITAT Mumbai) - Relative explained in Explanation to section 56(2)(vi) of the Act includes relatives and as the assessee received gift from his HUF, which is a group of relatives, the gift received by the assessee from the HUF should be interpreted to mean that the gift was received from the relatives therefore the...

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....

CAs cannot do Valuation of unquoted equity shares under DCF method

Notification No. 23/2018-Income Tax [S.O. 2087(E)] - (24/05/2018) - Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine the FMV of unquoted equity shares as per the Discounted Free Cash Flow Method ...

Gifts of property (gifts-in-kind) above value of rs.50,000 become taxable from 1st October 2009

PRESS RELEASE No.402/92/2006-MC - (30/09/2009) - The Income Tax Act 1961 (the Act) has been amended with effect from 1st October 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual o...

Recent Posts in "gift in kind"

Gifting to NRIs: Shares & Money Transfer Rules

Explore the guidelines for gifting shares and money from residents to non-resident relatives under FEMA and LRS, ensuring compliance with Indian regulations....

Posted Under: Income Tax |

Format of Gift Deed

Explore the intricacies of a Gift Deed, detailing the transfer of shares with love and affection. Understand the legalities, assurances, and the absolute ownership bestowed upon the Donee in this comprehensive guide....

Posted Under: Income Tax |

Are gifts received from relatives on Diwali subject to taxation?

Explore the intricacies of Diwali gift tax provisions in India. Uncover the exemptions, taxable scenarios, and asset considerations that can impact your festive generosity....

Posted Under: Income Tax |

Tax Treatment of Gifts Received By an Individual or HUF: Rules & Exceptions

Tax treatment of gifts for individuals and HUFs, covering monetary, immovable, and movable property, exceptions, and COVID-19 relief provisions....

Posted Under: Income Tax | ,

Taxability of Gifts in the Hands of Recipients Simplified

Learn about gift tax rules in India, including exemptions, taxability, and the impact on recipients. Get insights into tax-saving options....

Posted Under: Income Tax |

Taxation on Gifts under Income Tax Act, 1961- An In-depth Summary

Explore the rules and regulations surrounding gift taxation in India. Learn about taxable gifts, exemptions, and ways to comply with the Income Tax Act....

Posted Under: Income Tax |

Taxability of Gift received by an individual or HUF with FAQs

Learn about the tax implications of monetary and movable gifts received by individuals or Hindu Undivided Families (HUFs). Understand the exemptions and conditions for tax liability. Read more!...

Posted Under: Income Tax |

No capital Gain Tax on Gift of Immovable Property to Sister

Sanjay Bansal Vs ITO (ITAT Delhi)

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....

Taxation of Gifts: An In Depth Analysis

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. ...

Posted Under: Income Tax |

Best thing to Gift Loved ones & its Taxability as per Indian Laws

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. […]...

Posted Under: Income Tax |

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