Income Tax : Learn how capital gains are calculated on property received by gift or will, using acquisition costs of previous owners and applyi...
Income Tax : Monetary gifts to individuals or HUFs exceeding ₹50,000 in a year are taxable unless received under specific exemptions like fro...
Income Tax : Understand the tax implications of Raksha Bandhan gifts. Learn about exemptions for gifts from relatives and the tax rules for gif...
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 intricacies of a Gift Deed, detailing the transfer of shares with love and affection. Understand the legalities, assur...
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 : In Sharon Agarwal Vs ITO, ITAT Delhi deletes addition of cash gifts received from mother. Explore implications of this landmark de...
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 : It is pertinent to note that to meet the emergency situation of additional expenses by the assessee the assessee has obtained cash...
Income Tax : Supreme Court held that the valuation of shares for the purpose of gift tax needs to take into consideration the limitations and r...
Income Tax : ITAT held that cash gifts received by the assessee from her brother and sister cannot be added as unexplained income under section...
Income Tax : Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine th...
Explore the rules and regulations surrounding gift taxation in India. Learn about taxable gifts, exemptions, and ways to comply with the Income Tax Act.
Understand the legal and tax implications of gifting movable and immovable property. Learn about gift deeds, tax exemptions, capital gains, stamp duty, and registration requirements.
In Sharon Agarwal Vs ITO, ITAT Delhi deletes addition of cash gifts received from mother. Explore implications of this landmark decision
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.
Learn all about gifts, including their meaning, taxation, and important aspects to consider. Get insights on gift taxation and recent amendments.
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 relation cannot be doubted by the Assessing Officer.
Gifts in India are cultural aspects handed down from generations. Learn the in-depth analysis of taxation of gifts and how lawmakers are trying to tackle the issue.
Supreme Court held that the valuation of shares for the purpose of gift tax needs to take into consideration the limitations and restrictions.
ITAT held that cash gifts received by the assessee from her brother and sister cannot be added as unexplained income under section 69A.
There is no prohibition for the NRI for accepting the gifts from the relatives. In the absence of any prohibition, no adverse inference can be drawn against the assessee based on the prevailing system in the society.
