Under the Income-tax Act, 1961 exemption is available to an assessee under Section 54 of the IT Act in respect of capital gains where a new residential property is purchased on or before the particular date, as provided under Section 54 of the IT Act. The date for furnishing the return could also be date under Section 139(4) of the IT Act.
4: Gifts received from Friends, Relatives or from NRIs could be Exempt from Income Tax ! How ?
It is very common for, people to receive gifts from friends and relatives. In some cases, gifts are also received from NRIs. Let us consider the latest provisions of the Income Tax Act, 1961 regarding gifts, and analyse how individuals can plan to have complete exemption from income tax in respect of
Under the Income Tax Law, very often a controversy arises as to when a particular property can be said to be transferred, namely when the possession of the property is handed over to the buyer or in the year in which the title of ownership is transferred.
There are many financial transactions where, persons buying or selling immovable property — residential, agricultural, commercial or industrial property or any movable property declare their status as that of Hindu Undivided Family or HUF
One of the important aspects of tax planning is to ensure a steady income not only for oneself but also for other members of the family. Without proper tax planning, the income accruing, arising or received by an assessee’s wife might be clubbed with the income of the husband, thereby leading to a higher incidence of income tax.
A married woman can have her own independent funds. She can have her own independent investible funds made up of gifts or loans. By adopting proper tax planning, a married lady could as well own a house property of her own. One of the desires of every family is to own a house.
We have explained in an earlier tip that a married woman should not take gifts from three prohibited persons, namely, her husband, her father-in-law and her mother-in-law. Earlier, till FY 1985-86, no gift-tax was payable by the husband on the gifts up to
`50,000 made in his lifetime to his wife.
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