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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 6762 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 Implications on Giving or Receiving Gifts in India

September 7, 2018 11887 Views 0 comment Print

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.

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

August 20, 2018 662739 Views 96 comments Print

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.

Taxation of Gift- Under Income Tax

August 3, 2018 54844 Views 2 comments Print

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

Taxability of Gifts received from Relatives & Non Relatives

July 31, 2018 679272 Views 118 comments Print

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

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

June 11, 2018 14997 Views 6 comments Print

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 […]

Taxation of Gifts received or Specified assets purchased by any person

June 8, 2018 6729 Views 0 comment Print

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.

Taxability of GIFTs for Individuals/HUFs

June 2, 2018 5004 Views 2 comments Print

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.

CAs cannot do Valuation of unquoted equity shares under DCF method

May 24, 2018 93624 Views 0 comment Print

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

“Love”is tax free ?

February 13, 2018 40593 Views 8 comments Print

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?

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

November 19, 2017 1683 Views 0 comment Print

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.