SIR, is deptt issuing notices on cash gift transactions between relatives exceeding a certain amount. for AY 2025-26 or 2026-27
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If Mrs.A gift shares which cost is 2 lacs source is explainable in the year 2000 and now the market value is 2 Cr to Relative , which precaution to be taken so that it is not added in Sec 68. Is there any restriction on amount to be gifted to relative and is there any occasion is required to give gift to be exempt u/s.56(2)(x)? What documents to be prepare for Gift of 2 Cr of listed shares other the Gift Deed? Whether Donee has to disclose in ITR and if so what value to be disclosed?
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Sir, It assessess cash Gift to grandson rs:1 crore amount through on bank channel mode dt:10-01-25 Assessess source of income fds cancel after gift money amount paid to grandson but assessess capital account balance rs:50 lacs show in balance sheet Question: Assessess gift transaction taxable or exempt and different amount rs:50 lacs sec 68 provision applicable for it act.
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My father sold a land property on his name and purchased a flat on his name with entire sale consideration. Now, Section 54F says he should not sell it within three year But can he gift the flat through gift deed in my name or should we wait for three years for gift transaction also? References of relevant cases will help a lot. Thanks.
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If flat is transfered through Gift Deed to non relative (ex to Registered Trust) , whether provisions of section 50C of Income tax act will be applicable to Doner? Any case law / Citesation if any available please provide
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Brother paid 5 lakhs out of 20 lakh directly to dealer of properties on behalf of property purchased by his sister and balance paid by sister herself. Will 5 lakh paid by brother is termed as "Gift" under Income Tax Act?
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A house is sold to spouse under registered deed below SDV ,remaining sum is shown as unregistered but signed gift deed . Is this a valid arrangement ? Can this gift deed be rejected as invalid ?
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giving of gifts by huf to relatives amounts to partial partition ? does it need order u/s 171 ?
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Is immovable property gifted to a relative through a trust taxable or not, and is it payble by the donor? What if the trust has created a company on the immovable property. Will the income generated from the company be taxed as gift tax?
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Assessee is an individual AND received gift of Rs. 10 lakhs in A. Y. 2020-21. ASSESSEE has claimed it is not taxable as it is received from step brother. However AO is not accepting contention of appellant on the ground that step brother or sister is not covered in the definition of Relative under Income tax Act and therefore he has made an addition in the hands of assessee with mentioning any section. Is action of AO is correct and justified in Law. Whether assessee has case to fight in an appeal. Pl guide
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notice issue on cash gift transactions