Taxation of Loans Gifts & Cash Credits

This book comprehensively analyses the provisions relating to undisclosed income, gifts of money & movable/immovable property, along with relevant case laws. The relevant provisions of the Black Money Act and the Benami Property Transactions Act 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 12th Edition and has been amended by the Finance Act 2023. This book is authored by Taxmann’s Editorial Board with the following noteworthy features:

[Finance Act 2023 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
The detailed contents of the book are as follows:

Undisclosed Income
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
Loans, Borrowings, Deposits and Such other Amounts – Whether and When Treated as Unexplained Cash Credits
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 Taxable under Section 68?
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
Anonymous Donations Received by a Trust
Unexplained Investments under Section 69
Unexplained Investment In Lottery Tickets
Additions under Section 69 based on 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
Doneee-Based Taxation of Gifts of Money Received by any Person
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 INR 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
Conditions for Taxability of Gifts Received of Immovable Properties
Date of Receipt of Immovable Property
Received without Consideration or for a Consideration Less than SDV
Valuation of the Immovable Property Received
How to Compute the Limit of INR 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 FMV
Date of Receipt of Shares and Securities, Jewellery, etc.
Movable Property Received Without Consideration/for Consideration Less than FMV
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 INR 50,000 for Movable Property Gifts