Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: ACCOUNTING STANDARD :: form 3cd :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: empanelment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: VAT Audit
 
 
News Headlines »
 Key changes in income tax rates individuals need to look at from 1 Apr
 Provisional Enrollment under Goods and Service Tax (GST)
 Ten income tax changes that will come in to effect from April 1
 New income tax provisions you need to be aware of
 8 benefits you must know about this tax-saving mutual fund
 10 most important income-tax changes which will apply from April 1
 Delhi: 54 CAs, company secretaries on radar in I-T crackdown against black money
 10 Income Tax Rules That Will Change From April. See Details Herea
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?

Be prepared to pay income tax
October, 01st 2009

From Thursday, if you receive any property, jewellery or any work of art worth more than Rs 50,000 as a gift, brace up to pay an additional tax.

According to amendments in the Income Tax Act 1961, six kinds of gifts (see box) will be brought under the income tax net if the value of gift were above Rs 50,000. The onus on paying the tax will rest with recipient of the gift, a finance ministry statement said.

Property or valuables received from a relative, through inheritance or will, as a wedding gift or as endowment from a trust or institution have, however, been spared from the tax net.

Earlier cash gifts exceeding Rs.25, 000 were subject to tax with effect from April 2004. Later the Act was amended in 2006 raising the threshold limit for income tax on cash gifts to Rs 50,000.

In addition, persons should also disclose the value of such gifts while filing income tax returns from the next financial year ( 2010-11).

Cash gifts also enjoy exemptions similar to for gifts-in-kind.

Experts said that move is aimed to curb the practice of making payments through property and other valuables. Such transactions are carried out to minimise the amount of cash transfer that would attract tax payments.

This (the imposition of income tax on gifts and property) has been done to ensure that transactions on valuable items are brought under the tax net, said Delhi-based financial planner.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions