Taxmann Taxation of Loans Gifts & Cash Credits Finance 2022

Taxmann Taxation of Loans Gifts & Cash Credits Finance 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

About the author

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of Editor In-Chief Mr. Rakesh Bhargava.
The Research and Editorial Team is responsible to develop the reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in our publications and research platform. The team ensures that the following publication guidelines are thoroughly followed while developing the content: