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Income Tax - Highlights / Catch Notes

Home Highlights June 2015 Year 2015 This

Addition on gifts received u/s 69 from mother-in-law and from ...

Income Tax

June 29, 2015

Addition on gifts received u/s 69 from mother-in-law and from father on the ground that there was no drawing during the five days prior to the date of gift and mere cash withdrawal by the donor long back i.e. 120 days - Once genuineness and creditworthiness of the transactions proved, no addition can be made - AT

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  1. Additions on account of cash deposited in bank account - receipts of gifts - since the gifts in the instant case are received from parents, brother and spouse,...

  2. Addition u/s 68 - gift received from mother-in-law - Once the gift is treated as genuine, it is immaterial what the assessee does with that money thereafter. - Since the...

  3. 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...

  4. Gift of immovable property - assessee's brothers and mother have gifted their 1/8th undivided share - very heavy burden lies on the department to prove that it is not...

  5. Addition regarding gift received from father - Father is not filing ITR having agriculture income - merely because a person, giving gift to his son, is not filing return...

  6. Addition of sum received as "Gift" by the assessee from his "father" - The donor is about 85 years old and the amount has been gifted to his own son through a gift deed...

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

  8. Gift from brother - Creditworthiness and genuineness of donor - The assessee could not produce the statement of cash flow to show that the gift was genuine one -...

  9. Addition in respect of the gift received as unexplained cash credits as well as non-genuine - HC

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

 

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