Income Tax - Gifts are a way of showing affection towards one another in today’s busy life. Specially in a  country like India which has a diversified culture Gifts are exchanged on numerous occasions such as Diwali, Raksha  Bandhan, Christmas, Birthdays, Marriages, etc. by Friends and Relatives while for some people giving Gif...
Read MoreIncome Tax - In this article, we will emphasis on the applicability of income tax laws on the gifts (movable or immovable) received by an individual from any person....
Read MoreIncome Tax - Lump Sum Settlement Money received at time of Divorce or Monthly Alimony Money received is Taxable in Income Tax Law? A divorce is the legal termination of a marriage by a court in a legal proceeding, requiring a petition or complaint for divorce (or dissolution in some states) by one party. There are two types […]...
Read MoreIncome Tax - GIFT TAX: The tax levied on the gifts that you have received in money or its worth and which is over and above a certain set limit by the Indian law is known as gift tax. Income tax on gifts helps regulate the gives which is given to you by a person who is not a close relative as per the definition of Income Tax Law of India....
Read MoreIncome Tax - Want to gift a property or life time savings to your loved ones? Or have you received a car as a gift on your birthday? Are you worried about the cash gifts received on your wedding? Enjoy giving or receiving gifts guilt-free once you are mindful of the Gifting provisions in India....
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 MorePankil Garg Vs PCIT (ITAT Chandigarh) - Amount received by assessee from ‘HUF’, being its member, was a capital receipt in his hands and was not exigible to income tax as in case of individual, the HUF has not been included in the definition of relative in explanation to section 56(2) (vii) as it was not so required because in case of...
Read MoreDCIT Vs Shri Arvind N. Nopany (ITAT Ahmedabad) - Once the identity, creditworthiness and genuineness of the transaction has been proved, gift received from the brother-in-law is exempted in terms of provisions of section 56....
Read MoreShri. Vicky Jethani Vs ITO (ITAT Jaipur) - Shri Vicky Jethani Vs ITO (ITAT Jaipur) We note that the assessee has claimed the gift of Rs. 8,00,000/- received from Smt. Poonaj Kanjani stated to be the Aunt of the assessee and non-resident Indian based at UAE. In support of the claim, the assessee has furnished the Bank Certificate of Bank of B...
Read MoreKamlesh Parwani Vs Income-Tax Officer (ITAT Mumbai) - The captioned appeal by assessee for Assessment Year [AY] 2005-06 contest the order of Ld. Commissioner of Income-Tax (Appeals)-18 [CIT(A)], Mumbai, Appeal No.CIT(A)-18/T-62/ITO 19(3) (2)/10-11 dated 14/01/2013 qua confirmation of certain addition on account of cash credit u/s 68 for Rs.4 Lacs....
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 MoreNotification 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 ...
Read MorePankil Garg Vs PCIT (ITAT Chandigarh) -
DCIT Vs Shri Arvind N. Nopany (ITAT Ahmedabad) -
Shri. Vicky Jethani Vs ITO (ITAT Jaipur) -