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Topic
Income tax● ±0% net tone today
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₹85.30 lakh cash gifts from relatives: ITAT says donors’ low income alone isn’t enough to reject genuine gifts
- Chennai ITAT deleted a tax addition of ₹85.30 lakh on cash gifts
- Taxpayer produced gift deeds, donors’ ITRs and financial statements
- The ruling may guide Indian taxpayers facing scrutiny of family gifts
Can money collected for someone else be taxed as your income? ITAT ruling on ₹20.33 lakh cash deposits
- An 89-year-old retired principal said ₹20.33 lakh in deposits were hostel fees collected for an education society
- He said only ₹2,251 was his own income
Salary earned abroad, credited to NRE account: Does that make it taxable in India? ITAT ruling explained
- Bengaluru ITAT ruled that foreign salary credited to an Indian NRE account alone cannot make it taxable in India
- The taxpayer’s employment was overseas
- The ruling may inform tax treatment for Indians working abroad and their financial advisers