Taxation of Loans Gifts & Cash Credits

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  • Author : Taxmann
  • Edition : 10th Edition
  • Date of Publication : April 2021

Description

Taxmann’s Taxation of Loans, Gifts & Cash Credits provides a ready referencer along-with FAQs on the taxability arising from the following:

  • Undisclosed Income – Covering all aspects and complexity involved under Section 68 to Section 69D
  • Donee-Based Taxation of Gifts of Money Received by any Person (Taxation of Gifts of Money)
  • Taxation of Gifts of Immovable Property Received by any Person
  • Taxation of Gifts of Movable Property Received by any Person

The Present Publication is the 10th Edition which incorporates all the changes made by the Finance Act, 2021. The detailed contents of the book are as follows:

  • Undisclosed Income – Covering all aspects and complexity involved under Section 68 to Section 69D
    • Scheme of Taxation of Undisclosed Income Covered by Sections 68 to 69D
    • Voluntary Disclosure of Undisclosed Income
    • Detection of Undisclosed Income by Department
    • Cash Credits under Section 68
    • Share Application Money/Share Capital/Share Premium in case of Closely-Held Companies – When Unexplained Cash Credit
    • Share Application Money/Share Capital/Share Premium in case of Widely-Held Companies – When Unexplained Cash Credit
    • Whether Capital Gains from Shares Taxation u/s 68
    • Loans and Deposits – Whether Unexplained Cash Credit?
    • Deposits from Tenants – Whether and When Unexplained Cash Credits
    • Credits in Firm’s Books – When Unexplained Cash Credits
    • Sundry Creditors/Trade Creditors – When Unexplained Cash Credits
    • Unexplained Investments under Section 69
    • Unexplained Investment in Lottery Tickets
    • Additions u/s 69 on the Basis of Stock Statements Submitted to Banks
    • Unexplained Money, Bullion, etc. – Section 69A
    • Amount of Investments etc. not Fully Disclosed in Books – Section 69B
    • Unexplained Expenditure etc. – Section 69C
    • Amount Borrowed or Repaid on Hundi – Section 69D
  • Donee-Based Taxation of Gifts of Money Received by any Person (Taxation of Gifts of Money)
    • Donee-Based Taxation of Gifts
    • Taxability of Gifts of Sums of Money Received
    • Receipt of Sums of Money
    • Sum of Money Received without Consideration
    • How to Compute the Limit of Rs. 50,000
    • Tax-Exempt Gifts
    • ‘Any Person or Persons’
  • Taxation of Gifts of Immovable Property Received by any Person
    • Immovable Property – Scope of this Term
    • Condition of Taxability of Gifts Received of Immovable Properties
    • Received without Consideration or for a Consideration Less Than Stamp Duty Value
    • Date of Receipt of Immovable Property
    • Valuation of the Immovable Property Received
    • How to Compute the Limit of Rs. 50,000 for Gifts of Immovable Property Received
    • Computation of Capital Gains on Transfer of Immovable Property Taxed as Gift
  • Taxation of Gifts of Movable Property Received by any Person
    • ‘Property’ (Other than Immovable Property) (i.e. Movable Property)
    • Conditions for Taxability of Movable Property Received without Consideration or for Consideration Below Fair Market Value
    • Movable Property Received without Consideration/for Consideration less than Fair Market Value
    • Date of Receipt of Shares and Securities, Jewellery, etc.
    • Determination of Fair Market Value
    • Taxation of Shares and Securities Received
    • Valuation of Jewellery
    • Valuation of Artistic Work
    • Valuation of Bullion
    • How to Compute the Limit of Rs. 50,000 for Movable Property Gifts

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