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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.
Section 56(2)(vii) of Income Tax Act now clearly provides law relating to taxation of gifts [...]
A company raises funds primarily by issue of shares or accepting loans from various parties. [...]
Period of holding of a capital asset is very important step in determination of liability [...]
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