Income Tax Return: Should Gifts Be Declared In ITR Filing? Know Taxation Rules

Income Tax Return: Should Gifts Be Declared In ITR Filing? Know Taxation Rules

Exchanging gifts has traditionally been an integral part of Indian society.  Be it cash, jewellery, property, or other valuable items, gifts are essential for all festive occasions and life events like marriage. Though it’s a delight to receive gifts, many of them may increase your tax burden.While filing the income tax return (ITR), it’s important to remember that gifts — often a sign of goodwill and celebration — should also be a part of your …

Gift of Property of Rs. 7.5 Cr Received from Step-sister not Taxable under Income Tax: ITAT

Gift of Property of Rs. 7.5 Cr Received from Step-sister not Taxable under Income Tax: ITAT The brief facts are that the assessee is an individual and a non-resident Indian, since the assessee did not have any income or source from India, therefore, he was not filing any return of income in India. The assessee […]