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...
Article briefly explains Taxability of Gifts received in the form of Money, Immovable Property and Movable Property. 1. Money :- If aggregate money received in F.Y. is greater than Rs. 50,000, then entire amount is Taxable. 2. Immovable Property :- Particulars Condition Taxable Amount Without Consideration If Stamp Duty Value > 50,000 Entire Stamp Duty […]
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 HUF,
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 Gifts are considered as a form […]
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.
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 […]
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.
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.
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 Baroda regarding […]
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.
As per income tax act gifts received are taxable in the hands of recipient under the head Income From Other Sources and there is no taxation for the donor. Here gift means any sum of money, Moveable property or immovable property which received without consideration or inadequate consideration.
