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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 1632 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 6759 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 16530 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 10824 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 5821 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 4261 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 3198 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 93624 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 2395 Views 0 comment Print

Tax Treatment of Gifts Received By an Individual or HUF

February 22, 2020 37056 Views 9 comments Print

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 […]

Format of Gift Deed- Gift of equity shares

February 1, 2020 120273 Views 6 comments Print

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 […]

NRI Gift Tax Rules in India

January 14, 2020 68034 Views 66 comments Print

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 […]

Tax on Gifts in India

January 14, 2020 37755 Views 8 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, 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 on Gift

January 8, 2020 95232 Views 9 comments Print

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.

Taxes on Gift

January 6, 2020 15645 Views 5 comments Print

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.

Taxability of Gifts – A brief understanding

October 6, 2019 2907 Views 0 comment Print

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 […]

Gift Tax or Tax on Gift

June 4, 2019 8190 Views 0 comment Print

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 […]

Taxability of gifts received by an individual

May 12, 2019 21093 Views 0 comment Print

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.

Taxability of Gifts In India

December 25, 2018 11556 Views 7 comments Print

GIFT TAX: The tax levied on the gifts that you have received in money or its worth and which is over and above a certain set limit by the Indian law is known as gift tax. Income tax on gifts helps regulate the gives which is given to you by a person who is not a close relative as per the definition of Income Tax Law of India.