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Income Tax - 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?...
Read MoreIncome Tax - 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....
Read MoreIncome Tax - 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....
Read MoreIncome Tax - 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 ta...
Read MoreIncome 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 […]...
Read MoreIncome Tax - he Bombay High Court ruled on Wednesday that no part of an ancestral family property can be ‘gifted’ away. The court in a landmark order while resolving the dispute over a 69-year-old gift deed declared as void the document dating back to 1941, which said that Miraj resident Mallapa had gifted a portion of his ancestral property to hi...
Read MoreIncome Tax - In fresh trouble for Uttar Pradesh Chief Minister Mayawati, the Income Tax Department has filed two appeals in the Income Tax Appellate Tribunal (ITAT) demanding additional tax of about Rs 10 crore for her income for the financial years 2005-2006 and 2006-2007. The income includes gifts received by BSP supremo Mayawati from her party work...
Read MoreSubodh Gupta (HUF) Vs Pr CIT (ITAT Delhi) - 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. ...
Read MoreCommissioner Of Gift Tax Vs. Smt. Bindu Joseph (Kerala High Court) - A division bench of the Kerala High Court recently held that a mere reduction in the shares of one partner, resulting in proportionate increase of shares of another partner would constitute a gift for the purpose of taxation under Section 4 (1) (a) of the Income Tax Act. ...
Read MoreShri Ashok Mahindru Vs. ITO (ITAT Delhi) - 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....
Read MoreShri P. Vijayadeva Reddy Vs Assistant Commissioner of Income Tax (ITAT Bangalore) - If the gift is invalid then the assessee is not even owner of any property and therefore, no question arises for making addition in the hands of the assessee in respect of that property which is not even owned by the assessee and in that case also, addition if any may be made in the hands of the do...
Read MoreRajinder Mohan Lal Vs Pr. CIT (Punjab & Haryana High Court) - The assessee in order to draw benefit of the exemption under Proviso to section 56(2)(vi) of the Act was required to prove that the said gifts were received from any relative described there under or had been received on the occasion of marriage of the individual i.e., assessee....
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Subodh Gupta (HUF) Vs Pr CIT (ITAT Delhi) -
Commissioner Of Gift Tax Vs. Smt. Bindu Joseph (Kerala High Court) -
Shri Ashok Mahindru Vs. ITO (ITAT Delhi) -
Shri P. Vijayadeva Reddy Vs Assistant Commissioner of Income Tax (ITAT Bangalore) -
Rajinder Mohan Lal Vs Pr. CIT (Punjab & Haryana High Court) -
