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Taxation Of Gifts Under The Income Tax Act & Law On Gifts Detailed analysis of income tax provisions regarding taxability of gifts with tax planning considerations. An overall, broad and illustrative commentary on the law on gifts as contained in various Acts – The Transfer of Property Act The Contract Act Hindu and Mohammedan Law… Read More »
Foreign gift received from NRI relative Question: How to prove that genuineness of gifts received from the NRI relalaive ? Documents furnished by the Assessee with Assessing Officer are A copy of foreign bill transaction advice copy of donor’s passport Bank account statement of Donor Gift confirmation in a gift deed giving all the particulars of the… Read More »