Income Tax : Explore the guidelines for gifting shares and money from residents to non-resident relatives under FEMA and LRS, ensuring complian...
Income Tax : Explore the nuances of Gift Tax under the Income Tax Act, exemptions, and its impact on recipients. Learn about tax planning throu...
Income Tax : Explore the intricacies of a Gift Deed, detailing the transfer of shares with love and affection. Understand the legalities, assur...
Income Tax : आयकर रिकार्ड करने को सुलझाएँ किसी भी शादी मौके पर ...
Income Tax : Explore the intricacies of Diwali gift tax provisions in India. Uncover the exemptions, taxable scenarios, and asset consideration...
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 : 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 : In Sharon Agarwal Vs ITO, ITAT Delhi deletes addition of cash gifts received from mother. Explore implications of this landmark de...
Income Tax : ITAT Surat held that gift received from HUF cannot be added back to the total income of the assessee being Karta (Manager) of such...
Income Tax : From gift deed it is crystal clear that the said property was gifted by assesee to his sister out of natural love and affection an...
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...
It is customary in Indian for families to exchange gift at the occasion of marriage. This article deals with tax implications of such gifts received. General Provisions for taxation of Gifts in India Before abolition of the Gift Tax Act in 1998 the donor (giver of the gift) was required to pay gift tax on […]
The depository participants have been permitted to operate in GIFT-IFSC in terms of the applicable provisions under SEBI (International Financial Services Centres) Guidelines, 2015, as amended from time to time.
Income tax act does not specifically define the term gift. The term gift under the act means something that is received without consideration of for inadequate consideration. Section 56 of Income tax Act talks about taxation of gifts. This article will analyse gifts received from different person on different occasion and its tax implication. 1. […]
Gifts are usually capital receipts by nature. The Income Tax Act, 1961 (‘Act’) which is levies tax on incomes, that is revenue receipts, carves out certain exceptions and levies tax on capital receipts as well. Gifts are one such receipt. The Act defines gifts as any asset received without consideration like money or money’s worth (in kind).
We all know that Gift Tax Act which was introduced from 1st April, 1958 in our country as direct tax, which was repealed from 1st October, 1998. Any person receives Gift from any other person, would be consider as income of the recipient as per section 56(2)(x) with certain exemptions. Section 56(2)(x) was inserted by […]
The primary question sought to be dealt with in this article is whether an unregistered gift pertaining to immovable property is a valid gift in the case of Mohammedans. To answer this, relevant provisions of the Transfer of Property Act, 1882, the Registration Act, 1908, Mohammedan Law and judgments of various courts have been examined […]
Any person receives Gift from any other person, would be consider as income of the recipient as per section 56(2)(x) with certain exemptions. Section 56(2)(x) was inserted by Finance Act 2017 w.e.f.1st April, 2017 read as under: Where any person receives, in any previous year, from any person or persons on or after 1st day […]
Under Section 56(2)(x) Gifts from persons other than those covered in the definition of relatives are taxable under the Head Income from other sources. Now a question arises that is it sufficient to offer a Gift from a person other than relatives as Income from Other Sources and pay tax ? In my humble opinion […]
Venkatesh Soutoor Tirupati Vs ITO (ITAT Hyderabad) As regards the cash withdrawals and the marriage gifts from others and gift from his brother as sources for the balance of cash deposit is concerned, I find that the Assessing Officer has held the ATM withdrawals and also 2/3rd of the gifts at the time of marriage […]
An NRI can have the interest in the following assets in India, which he receives by Gift or by inheritance- i. Money or Liquid funds ii. Immovable properties iii. Jewellery, painting, art piece or other valuable goods iv. Shares in companies registered in India v. Interest in Limited Liability Partnerships (LLPs) Any such receipt through […]
