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...
CA Umesh Sharma Arjuna (Fictional Character): Krishna, 7th February to 14th February is celebrated as Valentine Week all over the World. This is celebrated by giving gifts and wishes and for that the markets were ready. This market of love gifts is called as “Loveonomics”. Please explain the provisions of Income Tax regarding these Love […]
Provisions of section 56(2)(v) applied only to gift on or after 1-9-2004. Prior to introduction of section 56(2)(vii) by the Finance Act, 2009 w.e.f. 1.10.2009, gifts in kind were outside the purview of section 56(2)(v) or (vi).
In the last few years, the ambit of taxation for gifts received by a person has been widened . Now, it covers several non-cash items. This now includes land and buildings, shares and securities, jewellery, drawings, paintings, sculptures and other works of art. Considering the nature of all these items, there is a need to value these items in a specific manner.
he Bombay High Court ruled on Wednesday that no part of an ancestral family property can be ‘gifted’ away. The court in a landmark order while resolving the dispute over a 69-year-old gift deed declared as void the document dating back to 1941, which said that Miraj resident Mallapa had gifted a portion of his ancestral property to his second wife Chandrabai ‘out of love’.
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 a sworn affidavit declaring the donor your kin.The Central Board of Direct Taxes has ruled that any such gift will be taxable for the donee unless it is from relatives or given during occasions such as marriage or by way of inheritance.
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 immovable property or any other property, the value of which exceeds Rs.50,000 (rupees fifty thousand), will become taxable in the hands of the donee, being an individual or a Hindu Undivided Family […]
The Centre has changed the definition of ‘income’ under the Income-Tax law to ward off litigation on a Budget proposal on taxation of property passed on as gifts. The gifting route was hitherto used to escape the tax net, but this Budget sought to plug this loophole by bringing to tax, at the hands of […]
According to the new proposal of the Union Budget 2009-10, any property received from a non-relative where the value is in excess of Rs 50,000 in a particular year will be considered as income in the hands of the recipient. Earlier, gifts in the form of cash from non-relatives were exempted up to a limit […]
