Taxmann Taxation of Loans Gifts & Cash Credits – 11th Edition 2022

This book provides a comprehensive analysis of the provisions relating to undisclosed income, gifts of money & movable/immovable property, along with relevant case laws. The relevant provisions of the Black Money (Undisclosed Income & Assets) Imposition of Tax Act 2015 and the Prohibition of Benami Property Transactions Act 1988 are also discussed.

In other words, it analyses the taxability arising from the following:

• Undisclosed Income; In light of the Income-tax Act 1961 & Black Money Act provisions. This section also includes:
  • Case Laws
  • Ready Reckoner for legal consequences of investments under various laws, depending on the source & nature of income invested and the manner of investment of income
• Donee-based Taxation of Gifts of Money received by any Person. This section also includes:
  • Ready Referencer for relatives to whom gifts may be made without attracting tax in the hands of the recipient
• Taxation of Gifts of Immovable Property received by any Person, i.e., the property received without consideration or received for consideration less than stamp duty value. This section also includes:
  • Ready Reckoner for summarising the tax implications for transferor/donor and recipient/donee of transfers of immovable property
• Taxation of Gifts of Specified Movable Property (including jewellery, shares & securities, bullion, work of art, virtual digital assets, etc.) received by any Person. This section also includes:
  • Ready reckoner for the tax implications for transferor/donor and recipient/donee of transfers of specified movable property
• The Present Publication is the 11^th Edition, authored by Taxmann’s Editorial Board. This book is amended by the Finance Act 2022 with the following noteworthy features:
• [Finance Act 2022 Amendments] relating to credits, loans and borrowings are comprehensively discussed
• [Ready Reckoners] for possible legal consequences of investment under various laws depending on the following:
  • Source & nature of Income invested
  • Manner of investment of income
• [Analysis on Shell Companies] which includes the applicability of Section 68 and the Benami Act for monies routed through shell companies discussed in light of relevant case laws
• [Taxability of Gifts] is discussed in light of relevant case laws on various aspects such as:
  • Taxability of cashback, loan waivers and one-time settlement of NPAs by banks in the hands of recipients
  • Taxability of freebies given by pharma companies to doctors
  • Taxability of bonus shares and rights shares received by shareholders
  • Taxability of awards and rewards to Olympic heroes
  • Taxability of gifts to brand ambassadors
  • Taxability of family settlements
  • Taxability of alimony received

Details