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Income Tax - Highlights / Catch Notes

Home Highlights August 2013 Year 2013 This

Gift received through NRE account - gift out of borrowed fund - ...

Income Tax

August 27, 2013

Gift received through NRE account - gift out of borrowed fund - A gift normally connotes a transaction where a person parts his own property to another without consideration and for love and affection. - additions confirmed - AT

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  1. Transfer of Funds from Non-Resident Ordinary (NRO) account to Non- Resident External (NRE) Account. - Cir. No. 117 Dated: May 7, 2012

  2. Unexplained investment u/s 69 - wire transfer from NRE account - assessee is a non-resident - transfer from the account of the assessee’s son, who is also a resident of...

  3. Remuneration received directly remitted from foreign to the NRE account - accrual of income - salary received in India is taxable in India in terms of section 5(2)(a) - AT

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  5. Rental income - Deduction for interest on borrowed funds u/s 24(b) - the assessee may have purchased the property out of borrowed funds, but the onus is upon the...

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  7. Disallowance u/s 14A r.w.r. 8D - sourcing of investment from borrowed funds or own funds - investment is taken as stock-in-trade - ex-parte order - additions confirmed.

  8. Addition u/s 68 - gifts received from NRI - the assessee’s plea of having received gift deserves acceptance. - AT

  9. Addition on gifts received - the gift being transferred “in kind” hence not to be taxed for the year under consideration - AT

  10. Foreign gifts received - NRI gift could not be accepted as genuine unless the assessee was able to prove natural love and affection and financial capacity of the donor - HC

 

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