Gift

Tax Treatment of Gifts Received By an Individual or HUF

Income Tax - A very common and frequent question running in the mind of taxpayers is the tax ability of gifts. In this part, an effort has been made to discuss the various provisions relating to tax ability of gift received by an individual or a Hindu Undivided Family (HUF) under Income Tax Act. 1. Monetary Gifts: If […]...

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Tax on Gifts in India

Income Tax - Indian income tax law which is governed by the Income-tax Act, 1961 (IT Act or the IT Act, 1961) and Rules framed thereunder imposes tax on income of a person under various heads. Fifth one of which is Income from Other Sources provided under Section 56 of the IT Act. Further, Section 56 (2) defines incomes chargeable under the said head ...

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Gifts amongst ‘Relatives’ – How long will they be ‘taxfree’?

Income Tax - Inheritance tax is a levy paid by a person who inherits the estate of the deceased. This tax is viewed as a tool to reduce the economic and consequent social disparity between the rich and the poor. ...

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Taxability on transfer of Unquoted Equity Share post Finance Act, 2017

Income Tax - Central Board of Direct Taxes (‘CBDT’) has released draft rules relating to valuation methodology of unquoted equity share. The draft rules are in furtherance to the new sections as introduced by Finance Act, 2017 i.e. section 50CA and 56(2)(x). These sections are introduced to ensure that the sale consideration for transfer of unquot...

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List of relatives covered under Section 56(2) of Income Tax Act,1961

Income Tax - Section 56(2)(VII) of the Income Tax Act,1961 reads as any even if amount exceeding Rs. 50,000/- if received from Relative then it is not chargeable to tax....

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GST on Gift and perquisites supplied by companies to their employees

Income 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. It is being reported that gifts and perquisites supplied […]...

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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 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...

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ICAI President’s Message – January 2013

Income 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. ...

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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 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 ...

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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-T sources said today. He received the villa as a gift from a Dubai-based company during assessment year 2008-09 ...

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Gift received from a HUF by a member of HUF is exempt from tax

DCIT Vs Ateev V. Gala (ITAT Mumbai) - Relative explained in Explanation to section 56(2)(vi) of the Act includes relatives and as the assessee received gift from his HUF, which is a group of relatives, the gift received by the assessee from the HUF should be interpreted to mean that the gift was received from the relatives therefore the...

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Gift to be treated as genuine if identity of donors is genuine & source of gift stays explained

Prem Kumar Chowdhary Vs CIT (Income Tax Appellate Tribunal “B” Bench, Kolkata) - In the impugned year the blood relation is not necessary for the gift to be a genuine gift, but the relationship matters a lot. In all the probabilities the gift is found to be genuine as the donors have explained the source of gift, copy of bank accounts, income tax return. ...

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Indexed cost of acquisition of gifted assets

DCIT Vs Soni Sonu Mirchandani (ITAT Delhi) - Hon'ble Delhi ITAT has in the case of DCIT V/s Soni Sonu Mirchandani has held that indexed cost of acquisition to be computed with reference to the year in which the previous owner first held the gifted assets. ...

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Amount received on execution of a will of deceased relative cannot be considered as income

Commissioner of Income Tax- VII Vs Neera Bhandari (Delhi High Court) - As regards the second gound raised before the Tribunal with regard to the addition of Rs. 6,72,9 10/-, that issue was decided in favour of the assessee in respect of the assessment year 2005-06 by the CIT (Appeals) and it has not been questioned by the revenue before the Tribunal. Therefore, followi...

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Gift not bogus if Assessee proves identity / creditworthiness of donor & genuineness of transaction

Commissioner of Income Tax VI Vs Bhanwarlal Sharma (Gujarat High Court) - In the instant case, as can be noted from the findings of the Tribunal, Assessing Officer had not summoned any of the donors. However, it had issued the letters under section 133(6) of the Act. Assessing Officer had also called for confirmation letters which were received by it. The assessee also ha...

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

Notification 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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Recent Posts in "Gift"

Tax Treatment of Gifts Received By an Individual or HUF

A very common and frequent question running in the mind of taxpayers is the tax ability of gifts. In this part, an effort has been made to discuss the various provisions relating to tax ability of gift received by an individual or a Hindu Undivided Family (HUF) under Income Tax Act. 1. Monetary Gifts: If […]...

Read More

GST on Gift and perquisites supplied by companies to their employees

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. It is being reported that gifts and perquisites supplied […]...

Read More

Tax on Gifts in India

Indian income tax law which is governed by the Income-tax Act, 1961 (IT Act or the IT Act, 1961) and Rules framed thereunder imposes tax on income of a person under various heads. Fifth one of which is Income from Other Sources provided under Section 56 of the IT Act. Further, Section 56 (2) defines incomes chargeable under the said head ...

Read More

Gifts amongst ‘Relatives’ – How long will they be ‘taxfree’?

Inheritance tax is a levy paid by a person who inherits the estate of the deceased. This tax is viewed as a tool to reduce the economic and consequent social disparity between the rich and the poor. ...

Read More

Gift received from a HUF by a member of HUF is exempt from tax

DCIT Vs Ateev V. Gala (ITAT Mumbai)

Relative explained in Explanation to section 56(2)(vi) of the Act includes relatives and as the assessee received gift from his HUF, which is a group of relatives, the gift received by the assessee from the HUF should be interpreted to mean that the gift was received from the relatives therefore the same is not taxable under section 56(2)...

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Taxability on transfer of Unquoted Equity Share post Finance Act, 2017

Central Board of Direct Taxes (‘CBDT’) has released draft rules relating to valuation methodology of unquoted equity share. The draft rules are in furtherance to the new sections as introduced by Finance Act, 2017 i.e. section 50CA and 56(2)(x). These sections are introduced to ensure that the sale consideration for transfer of unquot...

Read More

List of relatives covered under Section 56(2) of Income Tax Act,1961

Section 56(2)(VII) of the Income Tax Act,1961 reads as any even if amount exceeding Rs. 50,000/- if received from Relative then it is not chargeable to tax....

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Tax Treatment of Income from Other Sources

Any income which is not chargeable to tax under any other heads of income and which is not to be excluded from the total income shall be chargeable to tax as residuary income under the head Income from Other Sources....

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Taxability of Gift received by an individual or HUF with FAQs

Sum of money:-As per the provisions of the I-T Act, 1961 (the Act), any sum of money received by an individual or a Hindu undivided family in a particular financial year, without consideration, the aggregate value of which exceeds Rs 50,000 is taxable....

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Eight Common Myths & Misconceptions about tax

In this article we have discussed right Myth or Mis-Conceptions related to Income Tax Prevalent in the Mind of General Taxpayers related to Personal Taxation. Article Aims to clear such Mis-Conceptions. The following are some of the myths and real facts related to same:- ....

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