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...
Monetary Gifts Any sum of money received without consideration (i.e., monetary gift may be received in cash or in kind i.e. cheque, draft, etc.) by an individual/ HUF will be charged to tax if the aggregate value of such sum of money received during the year exceeds Rs. 50,000. A. Cases in which monetary gift […]
This article is about the taxability of gifts received or specified assets purchased by a person. Provisions of sec 56(2)(x) of IT Act 1961(introduced by Finance Act – 2017) deals with the taxation of gifts received or specified assets purchased.
In India we express our love and affection through gifts. There are various occasions for gift giving in our society like Rakshabandhan, Diwali, marriages, birthdays and the list goes on. But the government is keeping a close eye on such gifts as they may be misused by tax payers to escape taxes on their income by simply transferring their income to relatives and through other routes.
Amendment in Rule 11U and 11UA omitting reference to the term accountant, thereby permitting only merchant bankers to determine the FMV of unquoted equity shares as per the Discounted Free Cash Flow Method
Valentine’s Day (14th February) is the perfect time to express your love in the most extraordinary way. While expressing love and affection to our beloved ones we carry out certain transaction of give and take, are they taxable?
While hearing the case of Subodh Gupta vs Commissioner of Income Tax (CIT), Delhi bench of Income Tax Appellate Tribunal (ITAT) recently held that gift received by Hindu Undivided Family (HUF) from the mother of Karta would attract Income Tax.
A division bench of the Kerala High Court recently held that a mere reduction in the shares of one partner, resulting in proportionate increase of shares of another partner would constitute a gift for the purpose of taxation under Section 4 (1) (a) of the Income Tax Act.
While deleting an addition made in respect of undisclosed income, the Delhi bench of the ITAT held that the gift received by the assessee cannot be treated as non-genuine merely for the reason that the family members of the assessee had received bogus gifts during the same year.
If the gift is invalid then the assessee is not even owner of any property and therefore, no question arises for making addition in the hands of the assessee in respect of that property which is not even owned by the assessee and in that case also, addition if any may be made in the hands of the donor if the donor is not able to explain the source of investment.
Inheritance tax is a levy paid by a person who inherits the estate of the deceased. This tax is viewed as a tool to reduce the economic and consequent social disparity between the rich and the poor.
