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Taxation of Gifts and Zero Rating of Gift Transactions In The Hands of Individual

Income Tax : SEO Meta Description: Understand Section 56(2)(x) of the Income Tax Act, 1961, which taxes gifts and property transfers without or...

May 23, 2025 4995 Views 0 comment Print

Importance of Gift Deed in Property Transfer

CA, CS, CMA : A Gift Deed formalizes property transfer without monetary consideration. Learn its legal importance, registration process, and ess...

October 4, 2024 2724 Views 2 comments Print

Tax Treatment of Income from Other Sources

Income Tax : Learn about taxable incomes under Income from Other Sources with provisions, deductions, and exceptions. Stay updated on tax guide...

September 6, 2024 256435 Views 9 comments Print

Taxability of Gift received by an individual or HUF with FAQs

Income Tax : Monetary gifts to individuals or HUFs exceeding ₹50,000 in a year are taxable unless received under specific exemptions like fro...

August 27, 2024 382707 Views 60 comments Print

Tax Implications of Raksha Bandhan Gifts: What You Need to Know

Income Tax : Understand the tax implications of Raksha Bandhan gifts. Learn about exemptions for gifts from relatives and the tax rules for gif...

August 19, 2024 3102 Views 0 comment Print


Latest News


GST on Gift & perquisites supplied by companies to their employees

Goods and Services 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 m...

July 10, 2017 6888 Views 0 comment Print

No Addition U/s. 56 for Immovable Property received at less than stamp duty value

Income Tax : The existing provisions of section 56(2)(vii)(b)(ii) provide that where any immovable property is received for a consideration whi...

January 20, 2016 6976 Views 4 comments Print

ICAI President’s Message – January 2013

CA, CS, CMA : Suggestions on Draft Rule 11UA of Income-tax Rules, 1962 Accepted: I am happy to inform you that our suggestions have found favour...

December 30, 2012 1348 Views 0 comment Print

Priyanka to pay Income Tax on Rs 6 crore and Kasbekar on Rs 4-crore

Income Tax : Actress Priyanka Chopra and photographer Atul Kasbekar will pay income tax on some undisclosed transactions. Priyanka will pay tax...

February 4, 2011 1112 Views 0 comment Print

Income Tax department asks Shah Rukh Khan to pay tax on villa gifted by Dubai Co

Income 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-...

January 13, 2011 790 Views 0 comment Print


Latest Judiciary


Section 54F Exemption Allowed: Oral Gift Satisfying Mohammedan Law Validates Claim

Income Tax : ITAT Bangalore allows Section 54F capital gains exemption for an assessee, validating oral Hiba (gift) under Mohammedan Law and ov...

June 22, 2025 4632 Views 0 comment Print

Mumbai ITAT Allows Post-Ceremony Marriage Gifts citing real-life practicality

Income Tax : ITAT Mumbai rules that gifts received shortly after marriage are exempt under Section 56(2)(vii) of the Income-tax Act. The decisi...

June 21, 2025 4209 Views 0 comment Print

Tax on Gift from Step-brother/sister under Section 56: ITAT Mumbai Ruling

Income Tax : ITAT Mumbai rules on gift tax for step-siblings. Case examines relative definition under Section 56. Legal analysis of tax implic...

March 31, 2025 6126 Views 0 comment Print

ITAT Surat Directs Re-examination of Tax on Gift from HUF

Income Tax : ITAT Surat remands case to CIT(A) for fresh adjudication on HUF gift taxability under Section 56(2)(vii) of the Income Tax Act, ci...

March 9, 2025 426 Views 0 comment Print

Gift from non-resident brother exempt from taxation: ITAT Mumbai

Income Tax : Mumbai ITAT rules gift from non-resident brother exempt from tax for Abul Wais Abdus Salam, overturning previous additions to inco...

September 5, 2024 552 Views 0 comment Print


Latest Notifications


TDS & Tax on Salary | Section 192 | FY 2021-22 | AY 2022-23

Income Tax : CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source ...

March 15, 2022 98607 Views 1 comment Print

Fee structure for Depository Participants (DP) operating in GIFT-IFSC

Corporate Law : The depository participants have been permitted to operate in GIFT-IFSC in terms of the applicable provisions under SEBI (Internat...

July 27, 2021 384 Views 0 comment Print

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 95640 Views 0 comment Print

Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2009

Fema / RBI : In exercise of the powers conferred by sub-section (1) and clause (a) of sub-section (2) of section 46 of the Foreign Exchange Man...

May 22, 2009 2693 Views 0 comment Print


Latest Posts in Gift

Section 54F Exemption Allowed: Oral Gift Satisfying Mohammedan Law Validates Claim

June 22, 2025 4632 Views 0 comment Print

ITAT Bangalore allows Section 54F capital gains exemption for an assessee, validating oral Hiba (gift) under Mohammedan Law and overturning previous denials.

Mumbai ITAT Allows Post-Ceremony Marriage Gifts citing real-life practicality

June 21, 2025 4209 Views 0 comment Print

ITAT Mumbai rules that gifts received shortly after marriage are exempt under Section 56(2)(vii) of the Income-tax Act. The decision clarifies that “on the occasion of marriage” includes gifts associated with the event, irrespective of immediate cheque clearance.

Taxation of Gifts and Zero Rating of Gift Transactions In The Hands of Individual

May 23, 2025 4995 Views 0 comment Print

SEO Meta Description: Understand Section 56(2)(x) of the Income Tax Act, 1961, which taxes gifts and property transfers without or for inadequate consideration, covering scope, taxable transactions, and key exemptions for specified relatives.

Tax on Gift from Step-brother/sister under Section 56: ITAT Mumbai Ruling

March 31, 2025 6126 Views 0 comment Print

ITAT Mumbai rules on gift tax for step-siblings. Case examines relative definition under Section 56. Legal analysis of tax implications.

ITAT Surat Directs Re-examination of Tax on Gift from HUF

March 9, 2025 426 Views 0 comment Print

ITAT Surat remands case to CIT(A) for fresh adjudication on HUF gift taxability under Section 56(2)(vii) of the Income Tax Act, citing judicial precedents.

Importance of Gift Deed in Property Transfer

October 4, 2024 2724 Views 2 comments Print

A Gift Deed formalizes property transfer without monetary consideration. Learn its legal importance, registration process, and essential elements to avoid disputes.

Tax Treatment of Income from Other Sources

September 6, 2024 256435 Views 9 comments Print

Learn about taxable incomes under Income from Other Sources with provisions, deductions, and exceptions. Stay updated on tax guidelines.

Gift from non-resident brother exempt from taxation: ITAT Mumbai

September 5, 2024 552 Views 0 comment Print

Mumbai ITAT rules gift from non-resident brother exempt from tax for Abul Wais Abdus Salam, overturning previous additions to income.

Taxability of Gift received by an individual or HUF with FAQs

August 27, 2024 382707 Views 60 comments Print

Monetary gifts to individuals or HUFs exceeding ₹50,000 in a year are taxable unless received under specific exemptions like from relatives, on marriage, or as inheritance.

Tax Implications of Raksha Bandhan Gifts: What You Need to Know

August 19, 2024 3102 Views 0 comment Print

Understand the tax implications of Raksha Bandhan gifts. Learn about exemptions for gifts from relatives and the tax rules for gifts from non-relatives.

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