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This article is about the taxability of gifts received or specified assets purchased by a person. Provisions of sec 56(2)(x) of IT Act 1961(introduced by Finance Act – 2017) deals with the taxation of gifts received or specified assets purchased.
In India we express our love and affection through gifts. There are various occasions for gift giving in our society like Rakshabandhan, Diwali, marriages, birthdays and the list goes on. But the government is keeping a close eye on such gifts as they may be misused by tax payers to escape taxes on their income by simply transferring their income to relatives and through other routes.
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
Briefly the facts of the case are, assessee who derives income from house property and income from other sources, filed her return of income for the AY 2010-11 on 27/07/2010 declaring an income of Rs. 17,75,810/-. Subsequently, the case was selected for scrutiny under CASS and accordingly notice u/s 143(2) dated 25/08/2011 was issued and served on the assessee on 06/09/2011. In response to the said notice, the assessee furnished the information called for.
Valentine’s Day (14th February) is the perfect time to express your love in the most extraordinary way. While expressing love and affection to our beloved ones we carry out certain transaction of give and take, are they taxable?
While hearing the case of Subodh Gupta vs Commissioner of Income Tax (CIT), Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that gift received by Hindu Undivided Family (HUF) from the mother of Karta would attract 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 assessee cannot be treated as non-genuine merely for the reason that the family members of the assessee had received bogus gifts during the same year.
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.
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.
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)(vi) of the Act, we hold accordingly.
