Section 56(2)(vii) of Income Tax Act now clearly provides law relating to taxation of gifts received in cash or kind by an Individual. In plain and simple terms, the receipt…
Gift
3 Articles
3
Gift is not defined under Income Tax Act . But a clear provision under section 56(2) has been provided by which gifts received from blood relations and trusts and certain institution are made tax free.
A company raises funds primarily by issue of shares or accepting loans from various parties. When a private limited or closely held company issues shares , it has a risk…
Period of holding of a capital asset is very important step in determination of liability of capital gains. If you are holding shares or mutual fund units or other securities…