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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 complian...

February 26, 2024 1581 Views 0 comment Print

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, assur...

February 2, 2024 6414 Views 0 comment Print

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 consideration...

November 7, 2023 2400 Views 0 comment Print

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 reli...

November 3, 2023 16521 Views 0 comment Print

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 ...

October 21, 2023 10683 Views 9 comments Print

Latest News

Ancestral family property can be ‘gifted’ away : Bombay HC

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...

March 19, 2010 5815 Views 0 comment Print

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...

October 23, 2009 4258 Views 0 comment Print

Latest Judiciary

No capital Gain Tax on Gift of Immovable Property to Sister

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...

May 5, 2023 3189 Views 0 comment Print

Validity of Reassessment to verify genuineness of gift based on Assessment of relatives

Income Tax : While deleting an addition made in respect of undisclosed income, the Delhi bench of the ITAT held that the gift received by the a...

November 19, 2017 1683 Views 0 comment Print

Addition cannot be made for invalid gift of immovable property

Income Tax : If the gift is invalid then the assessee is not even owner of any property and therefore, no question arises for making addition ...

November 5, 2017 1608 Views 0 comment Print

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

Income Tax : Relative explained in Explanation to section 56(2)(vi) of the Act includes relatives and as the assessee received gift from his HU...

May 20, 2017 66912 Views 2 comments Print

Addition justified for Failure to prove genuineness of gifts received

Income Tax : 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 th...

July 13, 2016 1680 Views 0 comment Print

Latest Notifications

CAs cannot do Valuation of unquoted equity shares under DCF method

Income Tax : Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine th...

May 24, 2018 93615 Views 0 comment Print

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

Income Tax : 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 im...

October 1, 2009 2392 Views 0 comment Print

Taxability of Gift Received by An Individual

December 24, 2021 7509 Views 0 comment Print

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 […]

Gift From HUF – Whether Capital Receipt In the Hand of Member?

December 17, 2021 4056 Views 0 comment Print

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.

Applicability of Gift Tax

December 8, 2021 25809 Views 1 comment Print

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 […]

Taxability of Gift Received By A Person

May 22, 2021 15294 Views 2 comments Print

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 […]

Taxation of Gifts received by an Individual/HUF

June 14, 2020 96833 Views 32 comments Print

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.

Taxability of Gift U/s 56(2)(X)

May 26, 2020 484748 Views 31 comments Print

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.

Tax Implication of receiving Gifts

May 10, 2020 25013 Views 1 comment Print

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 […]

Taxability of Gifts – Some Interesting Issues

May 8, 2020 84948 Views 5 comments Print

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 […]

Income Tax on Gifts: Exemptions and computation

May 3, 2020 55549 Views 16 comments Print

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 […]

Detailed Analysis- Gifts Taxation under Income Tax Act, 1961

April 24, 2020 486924 Views 92 comments Print

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 […]