Home Highlights August 2015 Year 2015 This

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1. Taxability of the amount received by the assessee from his HUF, in which he is a coparcener - money received without consideration -Taxability of gift received by the...

2. 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...

3. Receipt of Gift from HUF - income from other sources - whether HUF comes under the term ‘group of relatives’ defined u/s 56(2)? - Held Yes - Receipt of Gift from HUF -...

4. Receipt by the assessee from the HUF of which the assessee was the member - treated as gift received from the relative (group of relatives) - Not Taxable u/s 56(2) r.w.s....

5. Gift received – definition of 'relative' as provided under Explanation to section 56(2)(v) - The amount received by the assessee from mother's sister's son does not...

6. Addition as gift from assessee HUF which was exempted u/s 56(2)(VII) - The amount spent may be more than that the member may have gotten on the partition of the 'HUF'....

7. Validity of reopening of assessment u/s 147 - Addition u/s 56(2)(v) - gifts received by the assessee from the HUF interpreted as the gift from the relatives - reopening...

8. Additions u/s 56 - The gifts received from the close relatives u/s 56(2)(v) are outside the scope of 56(2). - The surrender of the rights of the close relatives in...

9. 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...

10. Gift chargeable to tax in the hands of HUF - assessee could not show us any commentary on Hindu law or any other authoritative material, which says that mother of Karta...

11. Cash gifts received in cheque from relatives and blended with the HUF account - the issue raised by the appellant requires an in-depth analysis of both the provisions,...

12. Addition made u/s 56 - the word relative includes 'relatives' and such 'relatives' coming together as a group and constituting themselves as a legal entity, viz. 'HUF',...

13. Additions u/s 56(2)(vii) - any amount received by a member of the 'HUF', even out of the capital or estate of the 'HUF' cannot be said to be income of the member...

14. Addition u/s 68 - gift received from the HUF - the legislative intent is very clear that an HUF is not to be taken as a donor in case of an individual recipient....

15. Unexplained deposit of cash u/s 69A - as submitted that the source of the said sum is gift from relative which is not taxable u/s 56 - Considering the fact that...