period of holding

Period of Holding : How to Compute in 11 Situations Like Gift , Inheritance...

Period of holding of a capital asset is very important step in determination of liability of capital gains. If you are holding shares or...

Gift to NRI or PIO by Resident Relatives : FEMA & Taxation SImplified !

There maybe any number of circumstances or reasons for which a resident Indian desires to gift a non resident Indian or a Person of...
alimony

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...
valuation of shares

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...
gift

Gift & Capital Gains- 3 Important Tax Savings Provisions One Must Know !

Gift of assets to various persons -relative and non relatives  involves different issues under Income tax Act which has many provisions to deal with...
gift

Beware! Gifts by Your Close Relatives Can be Taxable!

While it is widely known that the gifts receipt by individuals are tax free u/s 56(2)(vii) if it is received from relatives . The...
meaning_of_relative

Meaning of Relative : List of 44 Relatives Who Can Give Tax Free Gifts...

Meaning of relative is very important to examine whether the gift receipt in hand of an individual is taxable or tax free. Section 56(2)of...
valuation_of_jewelery

How the Valuation of Jewelry Received as Gift Done u/s 56 of I.T. Act...

From 1/10/2009 , Individuals and HUF receiving any jewelery from a person other than following persons  are to pay income tax on the value of jewelery received u/s Section 56(2)(vii) of Income Tax Act . a)  from any relative; or (b)  on the occasion of the marriage of the individual; or (c)  under a will or by way of inheritance; or

Gift for wife From Uncle of Husband is Taxable !

Gift tax is revived under Income as  receipt of gift is now tax free  u/s 56(2) of the I T Act only if  received...
gift

Is gift received from HUF by a member of HUF tax free?

Gift received from HUF is tax free or not was a great controversy . However,income tax tribunal, Rajkot in case of Vineetkumar Raghavjibhai Bhalodia...

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