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 : Explore the intricacies of Diwali gift tax provisions in India. Uncover the exemptions, taxable scenarios, and asset consideration...
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 : 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...
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 : While deleting an addition made in respect of undisclosed income, the Delhi bench of the ITAT held that the gift received by the a...
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 ...
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...
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...
Income Tax : Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine th...
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...
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 […]
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 […]
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, Gifts from Friends and Unrelated Persons, Gift from Relatives, Gifts Received at Wedding, Gift Received As Inheritance, Money Received in Contemplation of Death, Gift Received from Local Authority or Charitable Trust and Gifts Received at the time of termination of employment.
Income tax was not applicable 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.50,000 in a year from any unrelated person, in cash or by way of credit, will be included as income. In this article, we look at income tax applicable on gift in detail.
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.
Article briefly explains Taxability of Gifts received in the form of Money, Immovable Property and Movable Property. 1. Money :- If aggregate money received in F.Y. is greater than Rs. 50,000, then entire amount is Taxable. 2. Immovable Property :- Particulars Condition Taxable Amount Without Consideration If Stamp Duty Value > 50,000 Entire Stamp Duty […]
Gifts are a way of showing affection towards one another in today’s busy life. Specially in a country like India which has a diversified culture Gifts are exchanged on numerous occasions such as Diwali, Raksha Bandhan, Christmas, Birthdays, Marriages, etc. by Friends and Relatives while for some people giving Gifts are considered as a form […]
In this article, we will emphasis on the applicability of income tax laws on the gifts (movable or immovable) received by an individual from any person.
