Taxmann's Taxation of Loans, Gifts & Cash Credits (14th Edition, March 2025) is an authoritative and comprehensive guide that delves into the complexities of unexplained income, loans, deposits, borrowings, and gifts under the Indian Income-tax Act, 1961. Authored by Taxmann's Editorial Board, this edition has been meticulously updated to incorporate the latest amendments introduced by the Finance Act, 2025, making it an indispensable resource for tax professionals, legal practitioners, corporate compliance teams, and individuals seeking clarity on these subjects.
Comprehensive Analysis of Sections 68 to 69D: The book offers an in-depth examination of unexplained cash credits, investments, money, bullion, undisclosed expenditures, and hundi transactions, providing practical insights into their taxation.
Detailed Coverage of Section 56(2)(x): It elucidates the donee-based taxation of gifts, encompassing money gifts, immovable property, movable assets, artistic works, shares, and securities, supplemented with illustrative examples.
Ready Reckoners: Includes instant reference tools that outline legal consequences of various types of investments based on their nature and source, definitions of 'relative' for tax-free gifts, and tax implications for both donors and donees in property transfers.
Flowcharts and Practical Scenarios: The book features step-by-step visual aids to clarify applicability, compliance requirements, and potential pitfalls under each relevant section.
Case Law and Illustrations: Incorporates judicial precedents and illustrative instances of additions, disallowances, and successful defenses to provide real-world context.
Discussion on Anonymous Donations and Trusts: Addresses the nuances of anonymous donations to charitable/religious trusts and their intersection with Sections 68 and 115BBC.
Alphabetical Ready Reckoner: A quick index compiling topics like bogus purchases, penny stocks, share application money, and demonetization scenarios for immediate reference.
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The book is structured into four comprehensive divisions:
Undisclosed Income: Chapters 1–18 delve into Sections 68 to 69D, exploring scenarios such as cash credits (including share capital, loans, and deposits), unexplained investments (lottery tickets, bullion, real estate), unexplained money (including demonetized currency), expenditures, and hundi transactions. It also discusses detection by the Department, voluntary disclosures, and defense strategies against assessments or additions made by the Assessing Officer.?
Donee-Based Taxation of Gifts of Money: Chapters 19–25 analyze the framework under Section 56(2)(x) for taxing sums of money received as gifts, clarifying exemptions, definitions of 'relative,' monetary thresholds (like the INR 50,000 limit), and exceptions such as marriage or inheritance.?
Taxation of Gifts of Immovable Property: Chapters 26–32 discuss transactions involving land, buildings, or both, covering conditions for taxability, date of receipt, valuation (stamp duty value vs. consideration), and related aspects.?
Taxation of Gifts of Movable Property: Chapters 33–38 focus on movable assets, including shares, jewelry, and other personal property, detailing their tax implications when received as gifts.
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