Category Archives: Gift

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
Section 56(2)(vii) : Adopted Son not Lineal Descendant

Section 56(2)(vii) of Income Tax Act now clearly provides law relating to taxation of gifts [...]

17
Sep
gift
Company Can Receive Gifts Other Than Share Without Any Tax Implication !

A company raises funds primarily by issue of shares or accepting  loans  from various parties. [...]

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24
Apr
period of holding
Period of Holding : How to Compute in 11 Situations Like Gift , Inheritance etc?

Period of holding of a capital asset is very important step in determination of liability [...]

11
Sep