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Income Tax - In the previous article on HUF, we had discussed about the meaning of HUF, its formation, creation of corpus of HUF and how it can be used as a legal tax saving tool. In one of the ways the corpus of Hindu undivided family can be created by receiving gifts from relatives....
Read MoreIncome Tax - Gift is the transfer of certain existing moveable or immoveable property made voluntarily and without consideration, by one person, called the donor, to another, called the donee, and accepted by or on behalf of the donee....
Read MoreIncome Tax - Diwali for everybody is like meeting their friends and exchanging gifts. The gifts can be sweets, dry fruits, and other valuable items like silver or gold coins. But did you ever thought that these gifts may have some tax implications too?? No… Everybody believes that these gifts are not taxable in their hands. You are […]...
Read MoreIncome Tax - Traditionally Deepawali is the major occasion when gifts are given and gifts are received. The items given as gifts vary from just boxes of dry fruit and sweet to valuable like gold and silver coins etc. Majority of the recipients of such gifts are under the impression that such gifts have no income tax implications, […]...
Read MoreIncome Tax - Under the latest provisions, any sum of money received without consideration (in excess of Rs 50,000), by an individual or Hindu Undivided Family (HUF), during a financial year, are taxable in the hands of the recipient. For the purpose of computation of the threshold limit of Rs 50,000, the aggregate value of gifts received from all sour...
Read MoreIncome Tax - Gifts up to a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST. However, gifts of value more than Rs 50,000/- made without consideration are subject to GST, when made in the course or furtherance of business....
Read MoreIncome Tax - The existing provisions of section 56(2)(vii)(b)(ii) provide that where any immovable property is received for a consideration which is less than the stamp duty value of the property by an amount exceeding 50,000, the stamp duty value of such property as exceeds such consideration, shall be chargeable to tax in the hands of the individual...
Read MoreIncome Tax - Suggestions on Draft Rule 11UA of Income-tax Rules, 1962 Accepted: I am happy to inform you that our suggestions have found favour with the Government, which we had submitted in response to the CBDT’s request on the draft Rule 11UA for determination of fair market value for the purpose of Section 56(2)(viib) of Income-tax Act, 1961. ...
Read MoreIncome Tax - Actress Priyanka Chopra and photographer Atul Kasbekar will pay income tax on some undisclosed transactions. Priyanka will pay tax on Rs 6 crore of cash transactions and Kasbekar on a Rs 4-crore gift, a senior income-tax official said. Income-tax officials raided them and actress Katrina Kaif on January 24. Katrina did not evade tax, the ...
Read MoreIncome Tax - The Income Tax department has issued a notice to Bollywood actor asking him to pay tax on the Rs 17.84 crore villa in the UAE, I-T sources said today. He received the villa as a gift from a Dubai-based company during assessment year 2008-09 ...
Read MoreSheela Yogi Vs ITO (ITAT Jaipur) - Sheela Yogi Vs ITO (ITAT Jaipur) Once the summons have been issued and these persons have appeared and given their statements before the AO wherein they have confirmed that they have advanced the amount to the assessee towards purchase of the agricultural land and has also disclosed the source of th...
Read MoreShri M.Balakrishna Hegde Vs DCIT (ITAT Bangalore) - Whether AO is correct in considering the gift received by the assessee as unexplained gift and made addition u/s 68 when the Gift was received through banking channels?...
Read MoreVaani Estates Pvt. Ltd. Vs The ITO (ITAT Chennai) - Vaani Estates Pvt. Ltd. Vs ITO (ITAT Chennai) Provisions of Section 56(2)(viib) of the Act, cannot be invoked in the case of the assessee company because by virtue of cash being brought into the assessee company by Mrs. Sasikala Raghupathy for allotment of equity shares with unrealistic premium the ...
Read MorePankil Garg Vs PCIT (ITAT Chandigarh) - Amount received by assessee from ‘HUF’, being its member, was a capital receipt in his hands and was not exigible to income tax as in case of individual, the HUF has not been included in the definition of relative in explanation to section 56(2) (vii) as it was not so required because in case of...
Read MoreShri. Vicky Jethani Vs ITO (ITAT Jaipur) - Shri Vicky Jethani Vs ITO (ITAT Jaipur) We note that the assessee has claimed the gift of Rs. 8,00,000/- received from Smt. Poonaj Kanjani stated to be the Aunt of the assessee and non-resident Indian based at UAE. In support of the claim, the assessee has furnished the Bank Certificate of Bank of B...
Read MoreNotification No. 23/2018-Income Tax [S.O. 2087(E)] - (24/05/2018) - 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 ...
Read MoreNotification No. G.S.R. 349(E) - (22/05/2009) - In exercise of the powers conferred by sub-section (1) and clause (a) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in consultation with the Reserve Bank, the Central Government, having considered it necessary in the public interest, hereby makes the ...
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Sheela Yogi Vs ITO (ITAT Jaipur) -
