Income Tax - In this blog, we will discuss provisions relevant with taxation of gifts in the hands of individual. First of all, receiver must ensure that gift is from genuine source and is not involving any black money and proceeds of crime....
Income Tax - Explore detailed rules and exemptions of gift taxation in India under Income Tax Act, 1961, including classification and tax implications for different types of gifts....
Income Tax - Explore the rules and regulations surrounding gift taxation in India. Learn about taxable gifts, exemptions, and ways to comply with the Income Tax Act....
Income Tax - Learn about the tax implications of monetary and movable gifts received by individuals or Hindu Undivided Families (HUFs). Understand the exemptions and conditions for tax liability. Read more!...
Income Tax - This comprehensive guide provides valuable insights into the legal and tax aspects of gifting property. Whether it’s movable or immovable property, understanding the regulations surrounding gift deeds, tax exemptions, capital gains, stamp duty, and registration requirements is crucial to avoid any legal complications and ensure comp...
Income 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...
Income 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...
Sharon Agarwal Vs ITO (ITAT Delhi) - In Sharon Agarwal Vs ITO, ITAT Delhi deletes addition of cash gifts received from mother. Explore implications of this landmark decision...
Sanjay Bansal Vs ITO (ITAT Delhi) - From gift deed it is crystal clear that the said property was gifted by assesee to his sister out of natural love and affection and it was in this back drop that assessee claimed before CIT(A) that incidence of transfer of immovable property was not liable to tax in his hands....
Ashokbhai Amrutbhai Valand Vs ITO (ITAT Ahmedabad) - It is pertinent to note that to meet the emergency situation of additional expenses by the assessee the assessee has obtained cash not only from assessee’s father and mother but also the close relative i.e. the maternal uncle, maternal aunt as well as paternal uncle and paternal aunt and the said ...
Deputy Commissioner of Gift Tax Vs BPL Limited (Supreme Court of India) - Supreme Court held that the valuation of shares for the purpose of gift tax needs to take into consideration the limitations and restrictions....
Ritu Jain Vs ITO (ITAT Delhi) - ITAT held that cash gifts received by the assessee from her brother and sister cannot be added as unexplained income under section 69A....
Notification No. 23/2018-Income Tax [S.O. 2087(E)] - (24/05/2018) - 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 ...
Sharon Agarwal Vs ITO (ITAT Delhi) -
Sanjay Bansal Vs ITO (ITAT Delhi) -
Ashokbhai Amrutbhai Valand Vs ITO (ITAT Ahmedabad) -