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Tax on Gift

Latest Articles


Calculation of Capital Gains on property received by Gift or Will

Income Tax : Learn how capital gains are calculated on property received by gift or will, using acquisition costs of previous owners and applyi...

September 25, 2024 9201 Views 0 comment Print

Taxability of Gift received by an individual or HUF with FAQs

Income Tax : Monetary gifts to individuals or HUFs exceeding ₹50,000 in a year are taxable unless received under specific exemptions like fro...

August 27, 2024 377346 Views 60 comments Print

Tax Implications of Raksha Bandhan Gifts: What You Need to Know

Income Tax : Understand the tax implications of Raksha Bandhan gifts. Learn about exemptions for gifts from relatives and the tax rules for gif...

August 19, 2024 2970 Views 0 comment Print

Gifting to NRIs: Shares & Money Transfer Rules

Income Tax : Explore the guidelines for gifting shares and money from residents to non-resident relatives under FEMA and LRS, ensuring complian...

February 26, 2024 5106 Views 0 comment Print

Format of Gift Deed

Income Tax : Explore the intricacies of a Gift Deed, detailing the transfer of shares with love and affection. Understand the legalities, assur...

February 2, 2024 35046 Views 0 comment Print


Latest News


Ancestral family property can be ‘gifted’ away : Bombay HC

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...

March 19, 2010 6061 Views 0 comment Print

Income Tax department filed appeal in ITAT against Mayawati demanding tax of 10 crore

Income Tax : In fresh trouble for Uttar Pradesh Chief Minister Mayawati, the Income Tax Department has filed two appeals in the Income Tax Appe...

June 24, 2009 708 Views 0 comment Print


Latest Judiciary


ITAT delhi Deletes Addition of Cash Gifts Received from Mother

Income Tax : In Sharon Agarwal Vs ITO, ITAT Delhi deletes addition of cash gifts received from mother. Explore implications of this landmark de...

June 7, 2023 1599 Views 0 comment Print

No capital Gain Tax on Gift of Immovable Property to Sister

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...

May 5, 2023 3969 Views 0 comment Print

ITAT deletes Addition for Cash Gift from Uncle and Aunt

Income Tax : It is pertinent to note that to meet the emergency situation of additional expenses by the assessee the assessee has obtained cash...

January 29, 2023 2331 Views 0 comment Print

Limitation & restriction should be considered for valuation of shares for gift tax: SC

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...

October 21, 2022 5544 Views 0 comment Print

No addition for Cash Gift from Siblings for Medical Emergencies

Income Tax : ITAT held that cash gifts received by the assessee from her brother and sister cannot be added as unexplained income under section...

August 16, 2022 1029 Views 0 comment Print


Latest Notifications


CAs cannot do Valuation of unquoted equity shares under DCF method

Income Tax : Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine th...

May 24, 2018 95205 Views 0 comment Print


No addition for duly supported Cash Gift from Relatives

February 2, 2021 4497 Views 0 comment Print

Sheela Yogi Vs ITO (ITAT Jaipur) Once the summons have been issued and these persons have appeared and given their statements before the AO wherein they have confirmed that they have advanced the amount to the assessee towards purchase of the agricultural land and has also disclosed the source of their earnings/savings, the assessee has […]

Do you know the tax implications on Diwali gifts?

November 11, 2020 6450 Views 4 comments Print

Diwali for everybody is like meeting their friends and exchanging gifts. The gifts can be sweets, dry fruits, and other valuable items like silver or gold coins. But did you ever thought that these gifts may have some tax implications too?? No… Everybody believes that these gifts are not taxable in their hands. You are […]

Are the gifts received on Deepawali tax-free in your hands?

November 8, 2020 17259 Views 6 comments Print

Traditionally Deepawali is the major occasion when gifts are given and gifts are received. The items given as gifts vary from just boxes of dry fruit and sweet to valuable like gold and silver coins etc. Majority of the recipients of such gifts are under the impression that such gifts have no income tax implications, […]

Taxability of Gifts

September 7, 2020 33672 Views 1 comment Print

Taxability of Gifts {Section 56(2)(x) of Income Tax Act, 1961} To prevent the practice of receiving sum of money or the property without consideration or for inadequate consideration, section 56(2)(x) brings to tax any sum of money or the value of any property received by any person without consideration or the value of any property […]

Corporate Gifts- An allowable transaction under Income tax?

July 6, 2020 9879 Views 0 comment Print

Compilation of Section 47(iii), section 56(2)(x)(c), 50D & 50CA -Corporate gifts- an allowable transaction under Income tax? Purpose of section 56 defeated by the ITAT judgement? Brief overview of the judgement delivered On October 4, 2019, in a recent judgement of M/s Direct Media Distribution Ventures Private Limited v/s Principal Commissioner of Income Tax (ITA No: 2211/Mum/2019),the Mumbai bench […]

Taxation of Gifts received by an Individual/HUF

June 14, 2020 98330 Views 32 comments Print

As per section 56(2)(vii) of Income Tax Act, gifts received by an individual or a hindu undivided family in the form of money or property (without consideration or with inadequate consideration) is taxable as income under the head Income from Other Sources provided such income falls under five categories mentioned below and such income does not fall in the exempted category.

Brief notes on Income from other sources

June 6, 2020 287135 Views 5 comments Print

As per section 56(2)(i), dividends are always taxed under this head. However, dividends from domestic company other than those covered by section 2(22)(e) are exempt from tax under section 10(34). Winnings from lotteries, crossword puzzles, races including horse races, card game and other game of any sort, gambling or betting of any form whatsoever, are always taxed under this head.

Taxability of Gift U/s 56(2)(X)

May 26, 2020 489569 Views 31 comments Print

Gift is usually used to convert black money into white money. To stop practice of converting black money into white money a section 56(2)(Vii) introduced by Finance Act , 2009 and amended by Finance act , 2010. This section deals with law of taxation of gift.

Tax Implication of receiving Gifts

May 10, 2020 25202 Views 1 comment Print

Gifts!! This word always brings smile not only on face of children but also the elder once. But at the same time we should keep in mind the tax implication on gifts. Hence today I am covering this topic in detail. Type of gifts and its taxation is as under: 1. Cash: If aggregate value […]

Taxability of Gifts – Some Interesting Issues

May 8, 2020 91680 Views 5 comments Print

Article explains  Taxability of gift to minor, Taxability of gift to uncle by nephew, Whether gifts received from friends and relatives on the occasion of daughter’s marriage are exempt, Taxability of Gift of Car, Whether interest free loans can be charged to tax as sum of money received without consideration, Taxability of Gift from Mother’s […]

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