Income Tax : Learn when monetary, immovable, and movable property gifts become taxable under the Income-tax Act. The FAQs explain exemptions, t...
Income Tax : This guide explains when gifts received by individuals and HUFs become taxable under the Income-tax Act, including monetary, movab...
Fema / RBI : Learn the FEMA rules governing gifts of money, shares, and property to non-residents, including documentation, valuation, and repa...
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 : The ITAT Mumbai held that gifts of shares completed before the introduction of Section 56(2)(vii)(c) could not be taxed under that...
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 : Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine th...
Article explains Income Tax Treatment of Immovable Property Received as Gift Without Consideration or for Inadequate Consideration, Any property other than immovable property received Without consideration of For Inadequate Consideration, Gifts from Friends and Unrelated Persons, Gift from Relatives, Gifts Received at Wedding, Gift Received As Inheritance, Money Received in Contemplation of Death, Gift Received from Local Authority or Charitable Trust and Gifts Received at the time of termination of employment.
PCIT Vs Arvind N Nopany (Gujarat High Court) The issue under consideration is whether the gift received from Brother-in-law is exempt u/s 56(2) of I T Act? High Court states that, the tribunal took into consideration the details of the donor, more particularly, the PAN number, capital gain statement, bank statements and the other relevant […]
Income tax was not applicable all gift received by a person until the financial year 2003-04. In 2004, changes were made to the Income Tax Act. Currently, any amount received by a person or HUF over Rs.50,000 in a year from any unrelated person, in cash or by way of credit, will be included as income. In this article, we look at income tax applicable on gift in detail.
Income tax was not applicable on all gift received by a person until the financial year 2003-04. In 2004, changes were made to the Income Tax Act. Currently, any amount received by a person or HUF over Rs.50000/- in a year from any unrelated person, in cash or in kind, will be included as income.
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.
