gift in kind articles

Tax Implications on Giving or Receiving Gifts in India

Want to gift a property or life time savings to your loved ones? Or have you received a car as a gift on your birthday? Are you worried about the cash gifts received on your wedding? Enjoy giving or receiving gifts guilt-free once you are mindful of the Gifting provisions in India....

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Posted Under: Income Tax |

FAQ / Performa of gift deed, List of Relatives for Tax free Gift

Article contains FAQ on Gift, ,list of relatives from whom an individual can receive the gifts without any income tax liability and also giving below Performa of gift deed....

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Posted Under: Income Tax | ,

Taxation of Gift- Under Income Tax

A receipt of sum of money or property* without consideration chargeable to tax under S. 56(2)(VII) if the following condition are satisfied. 1. Individual or HUF 2. Received on or after 01.10.2009and  before 01.04.2017 3. Sum of money or property falls in any of the following category 4. It does not fall under exempted category...

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Posted Under: Income Tax | ,

Taxability of Gifts received from Relatives & Non Relatives

If  an individual/Huf receives from any person or persons any gift , exceeding Rs. 50000 in any previous year, as per income tax laws, the aggregate amount shall be taxable as Income From Other Sources in the hands of individual or HUF U/s 56. The gift can be the following...

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Posted Under: Income Tax | ,

Taxability of Gift received by an individual or HUF with FAQs

Sum of money:-As per the provisions of the I-T Act, 1961 (the Act), any sum of money received by an individual or a Hindu undivided family in a particular financial year, without consideration, the aggregate value of which exceeds Rs 50,000 is taxable....

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Posted Under: Income Tax |

Sec. 56 Tax Treatment of Gifts Received by An Individual or HUF

Monetary Gifts Any sum of money received without consideration (i.e., monetary gift may be received in cash or in kind i.e. cheque, draft, etc.) by an individual/ HUF will be charged to tax if the aggregate value of such sum of money received during the year exceeds Rs. 50,000. A. Cases in which monetary gift […]...

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Posted Under: Income Tax |

Taxation of Gifts received or Specified assets purchased by any person

This article is about the taxability of gifts received or specified assets purchased by a person. Provisions of sec 56(2)(x) of IT Act 1961(introduced by Finance Act - 2017) deals with the taxation of gifts received or specified assets purchased....

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Posted Under: Income Tax |

Taxability of GIFTs for Individuals/HUFs

In India we express our love and affection through gifts. There are various occasions for gift giving in our society like Rakshabandhan, Diwali, marriages, birthdays and the list goes on. But the government is keeping a close eye on such gifts as they may be misused by tax payers to escape taxes on their income by simply transferring thei...

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Posted Under: Income Tax |

“Love”is tax free ?

Valentine's Day (14th February) is the perfect time to express your love in the most extraordinary way. While expressing love and affection to our beloved ones we carry out certain transaction of give and take, are they taxable?...

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Posted Under: Income Tax | ,

Taxes on Gift

Income tax was not applicable on all gift received by a person until the financial year 2003-04. In 2004, changes were made to the Income Tax Act. Currently, any amount received by a person or HUF over Rs.50000/- in a year from any unrelated person, in cash or in kind, will be included as income....

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Posted Under: Income Tax |

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