Fema / RBI : Learn the FEMA rules governing gifts of money, shares, and property to non-residents, including documentation, valuation, and repa...
Income Tax : Understand the tax treatment of monetary, movable, and immovable gifts received by individuals and HUFs. Learn the ₹50,000 thres...
Income Tax : Summary of taxability of gifts under the Income Tax Act for individuals and HUFs—covering monetary, movable, and immovable gifts...
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 : 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 : ITAT Bangalore allows Section 54F capital gains exemption for an assessee, validating oral Hiba (gift) under Mohammedan Law and ov...
Income Tax : Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine th...
Learn about gift tax rules in India, including exemptions, taxability, and the impact on recipients. Get insights into tax-saving options.
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.
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.
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.
