CA, CS, CMA : A Gift Deed formalizes property transfer without monetary consideration. Learn its legal importance, registration process, and ess...
Income Tax : Learn about taxable incomes under Income from Other Sources with provisions, deductions, and exceptions. Stay updated on tax guide...
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...
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...
Income Tax : The existing provisions of section 56(2)(vii)(b)(ii) provide that where any immovable property is received for a consideration whi...
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...
Income Tax : Actress Priyanka Chopra and photographer Atul Kasbekar will pay income tax on some undisclosed transactions. Priyanka will pay tax...
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-...
Income Tax : ITAT Mumbai rules on gift tax for step-siblings. Case examines relative definition under Section 56. Legal analysis of tax implic...
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...
Income Tax : Mumbai ITAT rules gift from non-resident brother exempt from tax for Abul Wais Abdus Salam, overturning previous additions to inco...
Income Tax : Explore the ITAT Delhi order in ACIT Vs Vibha Taneja case for A.Y. 2014-15. Learn how the CIT(A) defended the assessee against une...
Income Tax : The recent ITAT Delhi decision in the case of Karamveer Singh Vs ITO emphasises the non-taxability of immovable property bought th...
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 ...
Corporate Law : The depository participants have been permitted to operate in GIFT-IFSC in terms of the applicable provisions under SEBI (Internat...
Income Tax : Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine th...
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...
Article explains Income Tax Treatment of Immovable Property Received as Gift Without Consideration or for Inadequate Consideration, Any property other than immovable property received Without consideration of For Inadequate Consideration, Gifts from Friends and Unrelated Persons, Gift from Relatives, Gifts Received at Wedding, Gift Received As Inheritance, Money Received in Contemplation of Death, Gift Received from Local Authority or Charitable Trust and Gifts Received at the time of termination of employment.
Income tax was not applicable all gift received by a person until the financial year 2003-04. In 2004, changes were made to the Income Tax Act. Currently, any amount received by a person or HUF over Rs.50,000 in a year from any unrelated person, in cash or by way of credit, will be included as income. In this article, we look at income tax applicable on gift in detail.
Income tax was not applicable on all gift received by a person until the financial year 2003-04. In 2004, changes were made to the Income Tax Act. Currently, any amount received by a person or HUF over Rs.50000/- in a year from any unrelated person, in cash or in kind, will be included as income.
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?
Article briefly explains Taxability of Gifts received in the form of Money, Immovable Property and Movable Property. 1. Money :- If aggregate money received in F.Y. is greater than Rs. 50,000, then entire amount is Taxable. 2. Immovable Property :- Particulars Condition Taxable Amount Without Consideration If Stamp Duty Value > 50,000 Entire Stamp Duty […]
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 HUF,
Section 9 of the Act relates to Income deemed to accrue or arise in India. Under the Act, non –residents are taxable in India in respect of income that accrues or arises in India or is received in India or is deemed to accrue or arise in India or is deemed to be received in […]
Gifts are a way of showing affection towards one another in today’s busy life. Specially in a country like India which has a diversified culture Gifts are exchanged on numerous occasions such as Diwali, Raksha Bandhan, Christmas, Birthdays, Marriages, etc. by Friends and Relatives while for some people giving Gifts are considered as a form […]
In this article, we will emphasis on the applicability of income tax laws on the gifts (movable or immovable) received by an individual from any person.
Lump Sum Settlement Money received at time of Divorce or Monthly Alimony Money received is Taxable in Income Tax Law? A divorce is the legal termination of a marriage by a court in a legal proceeding, requiring a petition or complaint for divorce (or dissolution in some states) by one party. There are two types […]
