Arnav Pandya explains income tax rules for gifts, highlighting exemptions for gifts from relatives like spouses, parents, and in-laws. Various types of gifts are taxable based on valuation and specific conditions, impacting both givers and receivers. Pandya says: "Any amount received from a relative, even if it is above 50,000 would not be taxed in the hands of the receiver ."
Tax is applicable on gifts received from non-relatives once the Rs aggregate value of gifts received breaches the Rs 50,000 annual limit. The limit is applicable separately on money gifts and movable properties. For immovable property, the limit applies per transaction and not in aggregate.
Why the Bush Tax Cuts Are No Threat To Philanthropy heritage.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from heritage.org Daily Mail and Mail on Sunday newspapers.
The role of cities in environmental regulation; Edmund Burke’s and James Madison’s views on violent revolution; and to what extent “thoughtfulness,” or human intelligence and reflection, should be factored into the rule of law these are a few of the topics NYU Law faculty members tackled in books they published in the past year. They also authored casebooks on topics ranging from tax to copyright to environmental law.
Seymour Goldberg accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.