Alimony from Ex-Husband Tax Free !

Alimony from Ex-Husband Tax Free !
An interesting and a favourable judgment has been delivered by the ITAT , Mumbai by which person getting divorce settlement money or alimony after the divorce has been pronounced complete, will get tax exemption. Till this time , it was thought , once the divorce was complete , if the ex-husband gives any money or in kind to his ex-wife , such amount will be taxable as per section 56(2)(vii) . But , the judgment of ITAT , has

Legal Heir : How to Comply WIth Tax Laws ?

Legal Heir : How to Comply WIth Tax Laws ?
The unfortunate situation a family may face when an earning person suddenly expires . In such tragic situation , one more problem is of tax compliance. As per the law , it  is the duty of legal heir to comply with filing of tax return related to income earned by the deceased family member before his death and certain  income which may be earned  after the event of death. Then , there may be cases that the property of the deceased could

Valuation of Shares ,Jewellery & Arts Under Sec. 56(2) Simplified !

Valuation of Shares ,Jewellery & Arts Under Sec. 56(2) Simplified !
Now if you get gifts from anyone who is not your blood relative or persons specified u/s 56(2) of the Income Tax Act, the value of the gifts can be added in hand of recipients . The law now , taxes , almost all kinds of gifts-jewellery,land,shares ,paintings etc. How is the valuation of shares and other gifted properties can be done under Income Tax Act for the purpose of section 56(2) , is the central point for this post. (more…)

SBI Exit Optees Eligible for Exemption u/s. 10(10C) of I.T.Act !

Section 10(10C) of the Income Tax Act provides the exemption upto Rs 5 Lakhs to employees who opt for Voluntary Retirement Scheme or Separation Scheme of public sector units or  company or government. Rule 2BA is the relevant rules. However , for SBI employee who opted for the exit scheme launched by the Management , tax exemptions u/s 10(10C) was turned down on account of CBDT circular /instruction Board's Instruction No. 200/34/2009-IT.I, dated October 6, 2009 which denied exemption to

IT Department Loses Case to Jail HSBC Swiss Bank Account Holder !

IT Department Loses Case to Jail HSBC Swiss Bank Account Holder !
This person's name has figured in the HSBC Swiss bank account holders list published by Indian Express . In the heat of Special Investigation Team set up , the department showed alacrity to prosecute the account holders and in the processes tried to use all the powers it had to put the person in jail. So , Mr Sarvan Gupta , promoter of Emmar MGF Group was given notice for prosecution for non compliance of notices by the department .But alas,