Tag Archives: Gift

PM Modi gift to British Prime Minister

By | November 13, 2015

Prime Minister’s Office of Govt of India on 13-November, 2015  issued the following press release  The Prime Minister today presented British Prime Minister David Cameron a specially handcrafted pair of bookends made of wood, marble and silver. The centerpiece of each of these bookends is a silver bell, an object of rich symbolism relating to… Read More »

Capital gains on gifted asset shall be computed by taking Cost inflation Index of year in which asset held by previous owner

By | October 13, 2015

Whether in case of an assessee covered under section 49(1), i.e., in case of gains arising on transfer of a capital asset acquired under a gift or will, capital gains liability has to be computed by considering that assessee held said asset from date it was held by previous owner and on same analogy indexed… Read More »

Gift and Income Tax Provisions

By | September 17, 2015

Provisions of Income Tax on GIFT Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable? If the following conditions are satisfied then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax (*): Sum of money… Read More »

Gift received from NRI relative

By | August 14, 2015

Foreign gift received from NRI relative Question: How to prove that genuineness of gifts received from the NRI relalaive ? Documents furnished by the Assessee with Assessing Officer are  A copy of foreign bill transaction advice copy of donor’s passport Bank account statement of Donor Gift confirmation in a gift deed giving all the particulars of the… Read More »