Taxation of Loans Gifts & Cash Credits – 12th Edition 2023

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Taxation of Loans Gifts & Cash Credits – 12th Edition 2023

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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 IncomeIn 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

Additional information




Taxmann's Editorial Board






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