Income Tax : Learn when monetary, immovable, and movable property gifts become taxable under the Income-tax Act. The FAQs explain exemptions, t...
Income Tax : This guide explains when gifts received by individuals and HUFs become taxable under the Income-tax Act, including monetary, movab...
Fema / RBI : Learn the FEMA rules governing gifts of money, shares, and property to non-residents, including documentation, valuation, and repa...
Income Tax : Gifts received from specified relatives are fully exempt from income tax under Section 56(2)(x). Learn the definition of 'relative...
Income Tax : Gifts to a spouse are tax-exempt for the recipient, but Section 64(1)(iv) clubs income from the gifted asset with the transferor's...
Finance : he Bombay High Court ruled on Wednesday that no part of an ancestral family property can be ‘gifted’ away. The court in a land...
Income Tax : In fresh trouble for Uttar Pradesh Chief Minister Mayawati, the Income Tax Department has filed two appeals in the Income Tax Appe...
Income Tax : The ITAT Mumbai held that gifts of shares completed before the introduction of Section 56(2)(vii)(c) could not be taxed under that...
Income Tax : ITAT Chandigarh ruled that cash gifts from close relatives, supported by affidavits and audited accounts, cannot be treated as une...
Income Tax : ITAT Kolkata held that gifts received from a brother-in-law are exempt under Section 56(2)(vii), as the relationship qualifies as ...
Income Tax : ITAT Agra deleted additions on gifts received from real sisters, holding that when identity, genuineness, and creditworthiness are...
Income Tax : The Income Tax Appellate Tribunal (ITAT) Chandigarh has reversed a tax addition of Rs. 6.75 lakhs on gifts received by an assessee...
Income Tax : Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine th...
Learn when monetary, immovable, and movable property gifts become taxable under the Income-tax Act. The FAQs explain exemptions, thresholds, relatives, and key tax rules applicable to individuals and HUFs.
The ITAT Mumbai held that gifts of shares completed before the introduction of Section 56(2)(vii)(c) could not be taxed under that provision. The ruling clarifies that subsequent procedural formalities cannot alter the original date of transfer.
This guide explains when gifts received by individuals and HUFs become taxable under the Income-tax Act, including monetary, movable, and immovable gifts. It highlights the significance of the ₹50,000 threshold and the key exemptions available for gifts from relatives, marriage, inheritance, and specified institutions.
Learn the FEMA rules governing gifts of money, shares, and property to non-residents, including documentation, valuation, and repatriation considerations.
ITAT Chandigarh ruled that cash gifts from close relatives, supported by affidavits and audited accounts, cannot be treated as unexplained income. The assessee’s appeal was allowed.
ITAT Kolkata held that gifts received from a brother-in-law are exempt under Section 56(2)(vii), as the relationship qualifies as relative for tax purposes.
Gifts received from specified relatives are fully exempt from income tax under Section 56(2)(x). Learn the definition of ‘relative’ and mandatory ITR disclosure steps.
ITAT Agra deleted additions on gifts received from real sisters, holding that when identity, genuineness, and creditworthiness are proven, Section 68 cannot apply to family gifts made out of natural affection.
Gifts to a spouse are tax-exempt for the recipient, but Section 64(1)(iv) clubs income from the gifted asset with the transferor’s income. Learn about clubbing rules, second-generation income, and strategies like tax-free investments, joint accounts, and gifts to major children to mitigate tax impact.
Understand the tax rules for cash gifts from grandparents in India. Learn why proper documentation is crucial to avoid scrutiny from the Income Tax Department.
