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GIFT DEEDS AND ITRS
Rs 85.3 lakh cash gifts from relatives deposited in bank trigger unexplained deposit income tax notice; taxpayer contests and wins case in ITAT ChennaiMr Amirtharaj from Thygarayanagar, got Rs 85.03 lakh cash gifts from his sister’s husband, uncle and other relatives, he deposited this cas...- Brother-in-law sold 26 bigha land using GPA for Rs 6.95 crore; didn't pay full share to sister-in-law; Delhi HC orders him to pay Rs 2.27 croreSister-in-law purchased 26 bighas of land in Najafgarh in 1985 and gave GPA to brother-in-law who in turn sold this land for Rs 6.95 crore ...
- How should my NRI children disclose gifts received from relatives in ITR-2?ET Wealth Reader's Query: My two NRI children are unable to find a field in ITR-2 to disclose gifts received from relatives. The Income Tax...
- Are gifts given to NRIs by relatives taxable? Here's what you need to know about income tax and FEMA rulesNRIs receiving gifts from resident Indians face varying tax implications. Gifts from specified relatives are fully exempt from Indian incom...
- Wife paid Rs 58 lakh from Indian bank a/c, husband paid Rs 80 lakh from UAE bank a/c for property purchase; she gets tax notice for unexplained investment, wins case in ITAT Mumbai for this reasonTo purchase property in India, wife paid Rs 58 lakh from her bank a/c and husband paid Rs 80 lakh via his UAE bank a/c using Dubai exchange...
- Son becomes NRI, gifts shares worth Rs 30 lakh to father; should this be disclosed in ITR? What taxpayers must do to avoid tax noticesNRI son gifted Rs 30 lakh shares to his father through an off-market transfer. Should it be reported in ITR? Although a genuine gift of sha...
- Income tax return: How to report capital gains correctly to avoid ITR filing mistakesAll disclosure of capital gains must be filed in Schedule CG. This schedule houses separate sections for different types of gains. For accu...
- Income tax on gifts: Received cash, property or shares? You may have to pay tax and report it in your ITR in these casesGifts from specified relatives are fully exempt from income tax. Non-relative gifts exceeding certain values become taxable under specific ...
- Gifted a house to your spouse? You may still have to pay tax on the rental income: Know 7 key things before filing ITR for AY 2026-27Many taxpayers mistakenly believe that rental income from a house gifted to a spouse is taxable in the recipient spouse's hands. This artic...
- What is the simplest way to gift money to my daughter living abroad?ET Wealth Reader's Query: I want to gift a large amount to my daughter living abroad for her future needs. What is the simplest way to send...
- Lady with Rs 3.4 lakh annual income gets a Rs 33 lakh property via gift deed; tax dept sends notice; she wins in ITAT DelhiThe Income Tax Appellate Tribunal (ITAT) Delhi ruled that property received through a Hindu family settlement is not a taxable gift. The tr...
- TDS paid by a deceased parent; can I file ITR to get a TDS refund now?ET Wealth Reader's Query: Is it possible to file an income tax return (ITR) for a deceased family member (mother or father) and claim a ref...
- What’s the right way to gift my share of land to my sisters, gift deed or relinquishment deed?ET Wealth Reader's Query: I want to give my share in a plot of land, in Karnataka, to my sisters. I want to know if I need to draft a relin...
- I gifted my wife Rs 10 lakh. Should I show it in my ITR or let her pay income tax on it?ET Wealth Reader's Query: I gifted my wife Rs 10 lakh, which she will report as “exempt income” in her ITR. If she invests this amount in a...
- Rs 80 lakh gift from brother-in-law lands man in tax trouble; here’s how he won the caseA UAE resident received Rs 80 lakh as a gift from his brother-in-law. The tax department issued a Rs 69 lakh tax demand. However, the Incom...
- He got Rs 89 lakh as gift from relatives; Tax dept doubted its genuineness, but ITAT Mumbai ruled in his favour: Here’s whyManwani faced an Rs 89 lakh income tax addition due to unexplained cash credit, which he claimed were gifts from relatives. Despite providi...
- Husband has to pay income tax for wife’s Rs 17-crore land sale deal due to this reason; ITAT Bangalore ruling explainedIn a recent ruling, the Income Tax Appellate Tribunal (ITAT) Bangalore held that a wife is exempt from income tax on the ₹17.26 crore sale ...
- My wife bought a flat with money that I transferred to her, how should we show it in our ITR?I’ve purchased a flat in my wife’s name, and all payments to the developer are being made from her bank account. The money was transferred ...
- Gifts have to be declared in ITR: Here's how they are taxedThe Finance Act 2004 introduced section 56(2)(v) for taxing gifts in the hands of the recipient.
- Tax queries: Is jewellery received as gift taxable?The gift received by your friend from his/her father is not chargeable to tax under the provisions of I-T Act in the hands of your friend.
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