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...
Income Tax : Tax treatment of gifts for individuals and HUFs, covering monetary, immovable, and movable property, exceptions, and COVID-19 reli...
Income Tax : Learn about gift tax rules in India, including exemptions, taxability, and the impact on recipients. Get insights into tax-saving ...
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...
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.
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 Draft of gift deed.
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
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
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 […]
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.
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 their income to relatives and through other routes.
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
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?
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.
