Occassion mandatory for a gift

[satbir singhwahi]

gift received from mother , well supported by gift deed, bank a/c , cheque copy. assessing officer is of the view that no occassion of gift so wants to treat otherwise.is occassion necessary.

AI Summary

No Specific Occasion Needed for Tax-Valid Gifts; Gifts Out of Love and Affection Allowed Anytime Under Tax Rules. An individual questioned whether a specific occasion is necessary for a gift to be valid for tax purposes, as an assessing officer challenged the legitimacy of a gift from a mother to her child. Two respondents clarified that an occasion is not required for a gift. Gifts can be given out of natural love and affection at any time, without the need for a specific event. They argued that substantial gifts can be made on non-traditional occasions, emphasizing that customary gifts should align with social norms, but substantial gifts can occur at any time based on personal circumstances.