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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In the F.Y 2019-2020, assessee received gift of Rs. 1 crores from his grandfather by account payee cheque and supported by proper gift deed. Grandfather is assessed to tax regularly and had income of Rs. 5,00,000/- for the F.Y 2019-2020 which comprises of income from House Property and interest. During the course of assessment proceedings, assessing officer issued a show cause to the assessee asking him as to why the addition u/s 68 of the Act should not be made in respect of receipt of gift from the grandfather as grandfather had only income of Rs.5,00,000/-. Assessee submitted the affidavit…
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my son who is canadian PR holder has gifted a sum of Rs. 5 Lac in FY2020-21 to me. how can i show this in ITR & claim the exemption?
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Can the amount deposited in the account of wife on selling of land can be considered as gift under section 56(2)(vii), to the relative without any gift deed.
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Gift of residential property on which LTCG exemption was claimed under Section 54F