What is meant by gift in contemplation of death used in section 56(2) of...

Section 56(2)(vii) is among many exceptions provides under clause (d) that if an individual or HUF receives any sum of money without consideration (read as gift ) in contemplation of death , the receipt will not be taxable. The issue is what is the meaning of phrase "in contemplation of death " which is not explained any where in the Income Tax Act.

Is gift received from friends at the time of marriage taxable?

There is express provision to consider a gift from unknown persons under clause VII of section 56 (2) of the I T Act . However the proviso to said section 56(2) provides certain exception under which section 56(2) is not applicable
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Gift : How to Find Value of Shares of Closely Held Companies?

From 1/10/2009 , Individuals and HUF receiving any share or securities   from a person other than following persons  are required to pay tax on the value of share received : (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

How the Archeological Collections, Paintings, Sculptures Valued For Taxation Purpose?

From 1/10/2009 , Individuals and HUF receiving any archeological collections, drawings, paintings, sculptures or any work of art  from a person other than following persons  are to pay tax on the value of jewelery received u/s Section 56(2)(vii) . a)  from any relative; or (b)  on the occasion of the marriage of the individual; or (c)  under a will or

Is Gift At the Time Of Marriage Tax Free?

I, my wife and unmarried daughter are three members of my HUF. My daughter will get married in near future. I don’t have much individual income. I want to gift good amount of gold ornaments, Cash and other gifts to my daughter and my son in law from corpus of my HUF. Can I as

What Precaustions Should One Take While Accepting Gifts From Relatives?

I m a govt employee in tax limits and filing my returns regularly. my wife is a housewife having PAN card but not filing returns as she is having no income. My father in law ( father of my wife) is a farmer and having only agriculture income . He does not have pan card

Is Money Received Due to Death of Relative Taxable?

I have received some amount of money due to death of my relative who had nominated me as beneficiary. I want to ask whether...

Is Gift Received by An NRI From Another NRI Taxable In India?

I am an NRI and staying in Canada. One of my Distant Cousin(not relative) who is also an NRI in Gulf wants...

Gift of Money to Wife & Liabilty Under I T Law

I had received a big amount from my NRI husband. 1) I have a PAN card but don’t fill return .Is there any need...

Should The Gift Received From Relative & Exempt From Tax Be Shown In Return?

Do we need to show gift from relative amount in schedule of exempt income ITR4 form? Kinjal, PuneYes, you should show the gift...