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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When the second wave of Covid-19 was at its peak and people were dying merely for the lack of oxygen beds in the country, the DGFT, vide Notification 4/2015-20 amended Para 2.25 of Foreign Trade Policy, 2015-20 allowing duty free imports of Oxygen Concentrators for personal use through post, courier or e-commerce portals in the list of exempted categories, where Customs clearance is sought as ''gifts", till 31 July 2021. No enabling provisions for relief has been made in any other laws till date. Assuming that an Oxygen Concentrator costs upwards of Rs. 1.5 lakhs, if an Oxygen Concentrator is…
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Is gift by maternal grandmother to the grandson covered under the definition of relative for the purposes of section 56(2)(x)?
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Section 68 of Income Tax Act