“You Earn You Pay” or “Pay as you Earn”, these are common lines we all regularly hear but it’s not the case always, many times you also need to pay tax on the other’s income. Clubbing provisions have been included under the income tax to report income in such cases. Let us see the cases […]
How to Transfer or Gift Shares in Demat Form?
Transfer or Gift Shares in Demat Form Are you holding shares and would like to gift it to your spouse or children or any other person? Yes!! Then read the article below explaining the: Procedure for gift or transfer of shares in demat form. Taxation on the Gift of Share. Taxation on income from the […]
Deemed Gift under Section 56 for Immovable Property is Modified
(1) Amendment proposed: It has been proposed to amend the provisions of section 56(2)(vii) so as to provide that where any immovable property is received for a consideration which is less than the stamp duty value of the property by an amount exceeding fifty thousand rupees, the stamp duty value of such property as exceeds […]
Deductions from Income from Other Sources
Income of every kind, which is not chargeable to income tax under the heads: Salary Income from house property Profits and gains of business and profession Capital gains can be taxed under the head “income from other sources”. However such income should also not fall under income not forming part of total income under the […]
Tax on Gift Received (Cash or Non-Cash) in Indian u/s 56
Under Section 56(2)(vii) Gifts Received Shall be Taxed as “Income from Other Sources” Where an Individual of a HUF (Hindu Undivided Family) receives, in any previous year, from any person or persons on or after the 1st day of October, 2009- A) any sum of money, without consideration, the AGGREGATE value of which exceeds Rs. […]