Application of section 56(2)(vi)(b) - taxability of gifts ...

High Court Rules Gifts for Daughter's Marriage Not Tax-Exempt Under Income Tax Act Section 56(2)(vi)(b.

October 1, 2013

Case Laws Income Tax HC

Application of section 56(2)(vi)(b) - taxability of gifts received on occasion of the marriage his daughter – The expression “marriage of the individual“ is unambiguous in its intent and does not admit to an interpretation, that it would include an amount received on the marriage of a daughter. - HC

View Source

← Previous Next →

Application of section 56(2)(vi)(b) - taxability of gifts ...

High Court Rules Gifts for Daughter's Marriage Not Tax-Exempt Under Income Tax Act Section 56(2)(vi)(b.

October 1, 2013

Case Laws Income Tax HC

You may also like:

This case deals with the disallowance of expenditure u/s 14A of the Income Tax Act, which pertains to expenditure incurred in relation to exempt income. The key points...

Gift u/s 56(2) (vii) - scope of term relatives u/s 2(41) - Grant of exemption from income tax on gifts received - relatives as defined under Section 2(g) of the Senior...

LTCG invoking the provisions of Section 50C - property transferred through Sale Deed claim as gift - The transaction has been held to be gift in the hands of the...

The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

The High Court examined the jurisdiction of the Assessing Officer (AO) and the prescribed income-tax authority to issue notices u/s 143(2) of the Income Tax Act. It held...

Addition of gift u/s 56(2)(vii) - gift been received by the assessee directly from the uncle - The only reason to treat the same as the income of the assessee is that...

The ITAT ruled that gifts between step-siblings qualify for exemption under Section 56(2)(vii) of the Income Tax Act. The Tribunal held that although "brother and...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Income Tax: Section 47(iii) of the Income Tax Act, which exempts transfers of capital assets under gift, will or irrevocable trust from capital gains tax, is proposed to...

The interest income earned on deposits made with other co-operative banks/society are fully deductible u/s. 80P(2)(a)(i) from the income liable to tax though the...

Section 69A applies to unexplained money, but the assessee provided valid documentation proving the remittance was earned outside India as part of employment in UAE and...

Revision u/s 263 by CIT- Taxability of shares received by way of Gift - The order of ld AO is not erroneous as Gift of shares of the Wockhardt Limited are not chargeable...

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

Vires of definition of dealer - validity of Section 2(15)(ix) and explanation 1 of Section 2 (33(vi)) of TNVAT - Post GST era - Mere apprehension of the petitioner does...

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

Quick Updates: