If wife has a pre-existing right in the property then she can be part of family settlement. Transfer during the life time of the owner of non-ancestral property will be construed as Gift. (read more)

No., The Assessee cannot suo moto approached to the District Valuation Officer. The AO, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair market value, of any asset, property or investment and submit a copy of report to him. And as per sub section… (read more)

The payment of 20% of the tax in dispute by itself would not entitle the Assessee to ask the Income-tax Department to lift the attachment of the bank Account. The Assessee would be entitled to such a relief only if, along with the Appeal, an application is made for the stay of demand. If such… (read more)

A Memorandum of Family Arrangement recording the oral arrangement made does not require to be executed on a Stamp paper. The Supreme Court in Kale and Ors. v. Deputy Director of Consolidation and Ors. (1976) 3 SCC 119 has held as under: “It is well-settled that registration would be necessary only if the terms of… (read more)

Gift received by sister from brother is not taxable u/s 56(2)(x) (read more)

The Hon’ble High Court of Gujrat in the case of Pravinbhai M. Kheni v. ACIT [2013] 353 ITR 585 (Guj) (HC) observed that being a public company, ordinarily, provisions of section 179(1) of the Act could not be applied; however, if factors noted by Assistant Commissioner were duly established, it would certainly be a fit… (read more)

A) The Code of Criminal Procedure, 1973, is the codified legislation that governs the procedural aspect of the prosecutions under the Income-tax Act, 1961. Chapter XXII of the Act deals with prosecution and Section 290D(1) provides that the provisions of the Code of Criminal Procedure, 1973, shall apply to the proceedings before a special court… (read more)

Foreign Exchange Management Act, 1999 read with Foreign Exchange Management (Acquisition and Transfer of Immovable Property in India) Regulations, 2018 does not permit a Non-Resident Indian or an Overseas Citizen of India to purchase an agricultural land or farm house or plantation property in India. (read more)

If the law applicable to a particular jurisdiction requires to obtain Probate or Letters of administration from Court then same will have to be obtained even if there is a family settlement. It is also insisted by Societies for recording transfer and by Banks while sanctioning loans in case of subsequent transfers. a (read more)

If the Will becomes enforceable, nothing prevents the beneficiary from transferring his share to other beneficiary. The consequences post a valid transfer will follow. (read more)