PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
ITAT held that where immovable property is gifted by a spouse to the other without adequate consideration, s.64(1)(iv) applies and income arising on subsequent transfer (including capital gains) is taxable in the hands of the transferor spouse, not the recipient. The tribunal distinguished "adequate consideration" from "good consideration" (love and affection) and confirmed that absence of consideration triggers attribution of income to the donor. Consequently, the capital gain on sale of the gifted agricultural land is chargeable to the husband (donor) and not to the wife (recipient); the appeal in favour of the assessee succeeds.
ITAT held that where immovable property is gifted by a spouse to the other without adequate consideration, s.64(1)(iv) applies and income arising on subsequent transfer (including capital gains) is taxable in the hands of the transferor spouse, not the recipient. The tribunal distinguished "adequate consideration" from "good consideration" (love and affection) and confirmed that absence of consideration triggers attribution of income to the donor. Consequently, the capital gain on sale of the gifted agricultural land is chargeable to the husband (donor) and not to the wife (recipient); the appeal in favour of the assessee succeeds.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4827 
Join Channel 
