Gift u/s 56(2)(v) - Gifts/awards on winning of the Olympic Medal ...

Income Tax

August 2, 2013

Gift u/s 56(2)(v) - Gifts/awards on winning of the Olympic Medal - in the case of the assessee, viz., Shri Abhinav Bindra, all the rewards/prizes/gifts received by him are covered by Circular No.447 dated 22nd January, 1986 and, therefore, should not be treated as income in his hands. - AT

View Source

← Previous Next →

Gift u/s 56(2)(v) - Gifts/awards on winning of the Olympic Medal ...

Income Tax

August 2, 2013

You may also like:

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...

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...

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...

Addition u/s 56(2)(vii)(b) - valuation of land purchased by assessee - deemed gift under section 56(2)(vii)(b)(ii) - Assessee submitted that, actual deed could not be...

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...

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...

Unexplained gifts – Donee denied to make gifts – transaction is not genuine but colorable – money is routed indirectly from the firm to the assessee's account under...

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'....

Addition of unsecured loan as a gift - gift from unrelated persons treated as assessee’s income u/s.56(vi) - simply because husband has treated his loan as a gift to his...

Addition u/s 68 on account of claim of gifts - mere claim of gift would not fall in the ambit of provisions of section 56(2)(vii) - when the assessee has failed to...

Quick Updates: