Gift taxation: Uncertainty prevails after the withdrawal of CBDT circular

Gift Tax – Background The provisions of section 56(2)(vii) were introduced as a counter-evasion mechanism to prevent the laundering of unaccounted income under the pretext of a gift, particularly after abolition of the Gift Tax Act. Under the existing provisions of section 56(2)(vii), if an individual or an HUF received any sum of money or … More Gift taxation: Uncertainty prevails after the withdrawal of CBDT circular