Gift-Taxable under Income Tax (Cash #tax,income #tax #act,income #tax #rules,taxmann,tax #guru,tax #india #online,tax #calculator,income #tax,income #tax #return #form,income #tax #slab,income #tax #refund,income #tax #rates,tax #management,e-filing #return,pan #tan,income #tax #deductions,income #tax #act #1961,online #tax,tax #software,sales #tax,tax #management #system,tax #planning #and #tax #management,income #tax #saving #plans, #


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Gift-Taxable under Income Tax (Cash / Non-Cash Gift) – An insight to Tax Planning your Gifts

Although the fact remains that Gift Tax Law has been abolished and erstwhile law was of taxing the person who has made gifts. The person making the gift has not to pay any Income Tax at all irrespective of the quantum of the gift. It may also be noted that if the gift is made to a relative or if the gift is made to a non-relative or even when the gift is made to a charitable or a religious institution, in all such situations the donor under the present provisions of the Income Tax Law is not required to make payment of any Income Tax in respect of the gifts given by him. It is the recipient of the gifts who alone is called upon to make payment of the tax in respect of the gifts received by him.

The recipient of the gifts whether in cash or in kind is not subjected to any type of tax especially when such gifts are received from blood relations. Hence, if you are going to receive any quantum whether of movable assets or of immovable assets from your relatives, then you need not worry about any tax payment in respect of the gift amount received by you. However, if you receive gift from non-relatives i.e. if the gift amount is received by you from friends etc. then as per section 56 of the Income Tax Act, 1961 in case the gifts are in excess of Rs. 50,000 during one financial year, then you are called upon to make payment of Income Tax on such amount which is in excess of Rs. 50,000. For example, if Basavaraj were to receive Rs. 1,20,000 as gift from various friends on the occasion of his 50 th. Birthday, then the sum of Rs. 50,000 will be exempted but the balance Rs. 70,000 will be added to the income of Basavaraj and thus Basavaraj will be subjected to Income Tax payment on this amount which will be added to his other income and then the applicable tax will become due and payable by Basavaraj. If Basavaraj were to also receive let us say Rs. 5 lakh, from his father on the occasion of his 50 th. Birthday, then no Income Tax will be required to be paid by Basavaraj on this amount of Rs. 5 lakh because this amount has been received from his relative.

Although by now we have come to know that gift received from relatives without any upper limit is not subjected to tax but still we come across some tax problems arising to the tax payers specially if the recipient of the gift is a lady and she were to receive the gift amount from her husband or father in law or mother in law. As per section 56 of the Income Tax Act, 1961, if the married lady were to receive the gift amount from her husband or father in law or from her mother in law, then also no tax will be payable by her on the gift amount received by her because such gift has been received from a relative within the definition of the Income Tax Law. The entire amount received by her will not be subjected to income-tax at all because the amount has been received as gift from relatives.

However, in this case yet another problem will arise in respect of the gifted amount so received especially if we take into consideration the provisions of the Income Tax Law contained in section 64 of the Income Tax Act, 1961. As per section 56 there will be no tax liability on the gifted amount received by way of gift from relatives whether husband or the father in law or the mother in law. But simultaneously, as per the provisions contained in section 64 of the Income TaxAct, 1961, in case any amount is received by a married lady from her husband or from her father-in-law or from her mother-in-law, then the income from such gifted amount will be treated as income of the donor. Thus, this provision of the Income Tax Law specifically puts a condition of taxing the income received by the married lady from these gifts to be added in the income of the husband or in the income of the mother- in-law or in the income of the father-in-law. For example, if the lady had received let us say Rs. 10 lakh, from her husband and she were to invest the money in bank Fixed Deposit and she were to earn Rs. 90,000/- income from such bank Fixed Deposit in her name but under the Income Tax Law this amount of Rs. 90,000 will be added with the income of the husband as per in section 64 of the Income Tax Act, 1961. Likewise, whatever gift she has received from her father-in-law and her mother-in-law, if she were also to invest the same amount in the bank Fixed Deposit, then the interest earned by her from this bank Fixed Deposit will also be treated as income of the father-in-law or the mother-in-law.

Hence, it is recommended that do always avoid receiving any gift from your husband or father-in-law or mother-in-law. However, the better course of action would be not to receive the gift from either husband or the father-in-law or the mother-in-law but in the alternative to receive loan from husband or loan from father-in-law or loan from mother-in-law and at the reasonable rate of interest in respect of the loan which is taken by a married lady, then the question of any clubbing of income will not arise because it is a loan amount and not a gift amount.

Further, the law also provides for certain exceptions. The moneylpropertyreceivedin the circumstances mentioned below is not taxed:

  • From specified relative as given below..
  • On the occasion of the marriage of the individual. ‘ Under a Will or by way of inheritance
  • In contemplation of death of the payer.
  • As per the explanation given under the above section

‘relative’ means:
1) Spouse of the individual.
2) Brother or sister of the individual.
3) Brother or sister of the spouse of the individual.
4) Brother or Sister of either of the Parents
5) Any lineal ascendant or descendant of the individual.
6) Any lineal ascendant or descendant of the spouse of the individual and
7) Spouse of the person referred to in clauses 2 to 6. Get affidavit while taking gift of over Rs. 50,000 from relatives.

From now on, when you get gift-in-kind valued at more than Rs. 50,000 from your parents or other relatives, make sure you have a sworn affidavit declaring the donor as your kin.

The recipient has to get an affidavit affirming the donor to be his mother, father, brother, sister or any other relative so that at the time of claiming the exemption under the new arrangement, the Income Tax assessment officer can have an on-spot verification.

An individual can preferably get one affidavit listing all such gifts in the entire assessment year from different or the same relative. The individual will hence reduce the trouble of preparing an affidavit each time he receives a gift.

During the assessment of the I-T returns, the affidavit will save you from the hassles of proving the gift both movable and immovable, being received or inherited from any relative residing in any part of the world. It will also establish the donee’s relationship with the donor.

Assesses will have to file Income Tax dues on the value of the gift and disclose the taxable value of such property in the return of income.

On wedding day, gift received from anyone (relatives or not) would not fall under “Gift” and not taxable under income tax. Money received under “WILL”, by way of inheritance, and benefits from employer for the service to the employee or to the dependent in his absence also will not be treated as Gift taxable under Income Tax.

Tax Planning Hints on Gift Tax :

No Tax benefits arise in gifting to your Spouse or minor children or daughter-in-law as income will be clubbed in the hands of the donor.

On gifting to others, being relatives as defined under the IT. Act, the income arising therefrom shall not be clubbed under your hands.

You may accept cross gifts upto Rs. 50,000 in favour of Yourselves, your Spouse Minor Children from Non-relatives.

Premarital Transfers: Gift to the fiancee before the marriage will not attract the clubbing provisions. The relationship of husband and wife must subsist not only at the time of the accrual of income from the gifted asset but also when the transfer of the assets is made. Similarly, gift may be made by father-in-law/mother-in-law to the prospective daughter-in-law.

Disclaimer:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.

The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications

Not seeing a Scroll to Top Button. Go to our FAQ page for more info.


Alta Star HUD LITE Hud-1 Settlement Statement Software – Real Estate Closing Software #alta #star, #hud #lite, #hudlite, #altastar, #software, #hud-1, #hud1, #settlement #statement, #form


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Alta Star HUD LITE Hud-1 Settlement Statement Software

Try Before You Buy: The files on this page are fully functional, except that Sample prints on the forms until a license access code is purchased and entered. Orderfrom our Online Store ; or call (877) 279-8898. Refer to our Store Polices for details.

Non-Network Installations (Install or update standalone installations and to update HUD LITE workstations that are already part of a network installation) :

(Customers who purchased HUD LITE 3 may update to the latest version at no extra charge on licensed computers.)

PriorVersion (non-GFE): Existing HUD LITE customers with a version number of less than 2.90 must purchase an upgrade and obtain a new license access code to use this file. Call Alta Star to upgrade. Download HUDLT2901.EXE

1) When downloading, choose the Save to Disk option. 2) After downloading, open the file. After the welcome screen appears, follow the on-screen prompts.

2) With the non-network version, all of your settlement statement files will be saved on your local hard disk.

HUD LITE for Networks (Use these instructions to install network files and to install new workstations):

PriorNetwork Version (non-GFE): Existing HUD LITE customers with a version number of less than 2.90 must purchase an upgrade and obtain a new license access code to use these files. Call Alta Star to upgrade. Download HLNET290.EXE

1) This installation file is only used once per network to setup the program files on the network, and to copy the workstation installation files to the network.

2) With a network installation, the program saves all of your settlement statement files to a shared network directory.

3) Run this file from the server or any workstation. For the installation directory, choose a shared network directory for program files.

4) Workstations connected to the network do not need to download from this website.

5) After installing Hud Lite for Networks, from each workstation.

Double-click on setupws.exe located in the shared network directory.

Follow the InstallShield prompts. This time, for the installation directory, choose a location on the workstation’s local hard disk.

If you have a network plus another computer that is not connected to the network, you may use both files as needed, as long as the total number of computers does not exceed the number of licenses purchased.

After starting program, simply fill in the blanks and print your forms. For info on time-saving features, click on the Help menu.


Personal Injury and Wrongful Death Attorneys #personal #injury #intake #form


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Bachus Schanker, LLC
Denver Personal Injury Lawyers

knowledge

The firm’s founding goal was to level the playing field between accident victims and large insurance companies, and the firm’s core practice area is still Personal Injury law. Over time, Bachus Schanker, LLC ‘s practice areas have broadened to include Workers’ Compensation. Social Security Disability. and all forms of plaintiff’s employment law. The firm is also heavily involved in national plaintiff’s litigation addressing a variety of Defective Medical Devices, Products Dangerous Drugs. The firm’s trial practice is fully mature.

Innovation

The firm is now made up of 25 lawyers and a team of more than 95 people. With offices in Denver, Aurora, Fort Collins and Colorado Springs, Bachus & Schanker, LLC has represented thousands of clients across the country. The firm’s 21,000-square-feet Denver office has a full courtroom, with state of-the-art focus group facilities.

At Bachus & Schanker, LLC in Denver, Colorado our lawyers represents injured people and their families. It is what we do! Our 25 lawyers and a team of more than 95 people are here because we want to help accident and Personal Injury victims. Our lawyers’ initial review of a potential injury and accident case is free and confidential. If, upon review, our lawyers believe the law and the facts support bringing a claim, we will tell you what we think.

If, after consultation, Bachus & Schanker, LLC agrees to pursue the case, in most Personal Injury situations, we offer to represent our clients on a “contingency fee” basis. This means that our firm is only paid attorneys fees if there is a recovery, and even then, our attorney fee is an agreed percentage of the amount recovered.

How We Help You

We know that the financial consequences of an accident can be devastating. That is why there is no cost for an initial review of your situation to see if there is a potential of recouping your accident related losses. To begin the initial confidential review process, just complete the short form on the homepage page or call your local Bachus & Schanker, LLC office telephone number listed at the top and bottom of the website. We serve all of Colorado.

Featured Personal Injury Practice Areas

About Us

Bachus & Schanker, LLC is a nationally recognized personal injury law firm committed to protecting and enforcing the rights of people injured by the negligence of others.

In today’s legal landscape, we see that there are some lawyers unwilling to take on wrongdoers when those wrongdoers are represented by huge insurance companies and their law firms.

We founded Bachus & Schanker, LLC, because we wanted to do our part to help level the playing field – our goal is to give you and your family the power to take on even the largest insurance companies.

As one of the largest Personal Injury and Accident law firms in the region, the Personal Injury attorneys and car accident attorneys at Bachus & Schanker, LLC are committed to pursuing justice for people injured through someone else’s negligent, careless or reckless conduct. Since its founding, our Colorado firm has represented thousands of clients living throughout the United States. We have been designated by our colleagues as preeminent in our field. We are listed in the Bar Register of Preeminent Lawyers and have achieved the highest rating available from Martindale-Hubbell–the oldest attorney and law firm rating service in the United States. In fact, our founding partners have been named “Colorado Super Lawyers,” by Super Lawyers magazine, a publication which recognizes elite attorneys in each state.

Through our firm’s devotion to the rights of the injured, as well as its organization and infrastructure, you will gain access to a firm of attorneys who limit their practice to Injury and Insurance Law. Referring attorneys will be able to match the leverage and knowledge of big corporate firms to advocate the interests of their clients. For the injured and referring attorneys, Bachus & Schanker, LLC is solidly committed to one goal: justice for all.

Colorado’s Personal Injury and Accident Information Center

When you or a member of your family has been harmed because of someone else’s negligent, careless or reckless conduct, it is difficult to know where to begin. At Bachus & Schanker, LLC in Colorado, we are here to help Personal Injury and accident victims. Our attorneys work on behalf of our clients to take the guess work out of the injury compensation process so that our clients can focus on what’s most important – healing. That’s what we strive to do. We are Colorado’s Injury Law Firm.


PHP MySQL BLOB: Insert, Update, And Select BLOB Data #php #form #insert #into #mysql


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PHP MySQL BLOB

Summary. in this tutorial, you will learn how to handle BLOB data using PHP PDO. We will show you how to insert, update and select BLOB data in MySQL databases.

Sometimes, for the security reasons, you may need to store large data objects e.g. images, PDF files, videos, etc. in the MySQL database.

MySQL provides a BLOB type that can hold a large amount of data. BLOB stands for the binary large data object. The maximum value of a BLOB object is specified by the available memory and the communication package size. You can change the communication package size by using the max_allowed_packet variable in MySQL and post_max_size in the PHP settings.

Let s see how PHP PDO handles the BLOB type in MySQL.

The files table contains three columns:

  • The id column is the primary key. auto increment column.
  • The mime column stores the mime type of the file.
  • The data column whose data type is BLOB that is used to store the content of the file.

The following CREATE TABLE statement creates the files table:

CREATE TABLE files (

id INT AUTO_INCREMENT PRIMARY KEY ,

mime VARCHAR (255) NOT NULL ,

data BLOB NOT NULL

Second, we define a class called BlobDemo with the following code:

* PHP MySQL BLOB Demo

const DB_HOST = ‘localhost’ ;

const DB_NAME = ‘classicmodels’ ;

const DB_USER = ‘root’ ;

* Open the database connection

public function __construct ( ) <

// open database connection

$conStr = sprintf ( “mysql:host=%s;dbname=%s;charset=utf8”. self. DB_HOST. self. DB_NAME ) ;

$this – pdo = new PDO ( $conStr. self. DB_USER. self. DB_PASSWORD ) ;

//for prior PHP 5.3.6

//$conn- exec(“set names utf8”);

> catch ( PDOException $e ) <

echo $e – getMessage ( ) ;

* close the database connection

public function __destruct ( ) <

// close the database connection

$this – pdo = null ;

In the __construct() method, we open a database connection to the MySQL database. and in the __destruct() method, we close the connection.

Insert BLOB data into the database

PHP PDO provides a convenient way to work with BLOB data using the streams and prepare statements. To insert content of a file into a BLOB column, you follow the steps below:

  • First, open the file for reading in binary mode.
  • Second, construct an INSERT statement .
  • Third, bind the file handle to the prepared statement using the bindParam() method and call the execute() method to execute the query.

See the following insertBlob() method:


Dating Application Form – Find The Relationship You Are Looking For #dating #50 #plus


#online dating application

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Dating application form Do you know that elderly people with disabilities are shocked when they hear about disabled dating? This is because, until recently, society views disabled people as asexual beings. Most reputable dating sites have private policies to protect their members by not disclosing the personal information of a member to a third party without the written consent issued by the member himself or a court.

dating application form

While the first option in the ease of communication and registration is available in the paid site membership is available against a pre-fixed subscription. You can also describe briefly what you do; unless you have a lousy job as a clown.�When writing about the kind of person you are looking for, try to be brief descriptive but still have some vague margin.

dating application form

dating application form

You can do this by phone, email or instant messaging features if the other person is online. These sites approach is to make couples spend time to know and understand each other and find their compatibility.


Dating Application Form – Find The Relationship You Are Looking For #tag #dating #site


#online dating application

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Dating application form Do you know that elderly people with disabilities are shocked when they hear about disabled dating? This is because, until recently, society views disabled people as asexual beings. Most reputable dating sites have private policies to protect their members by not disclosing the personal information of a member to a third party without the written consent issued by the member himself or a court.

dating application form

While the first option in the ease of communication and registration is available in the paid site membership is available against a pre-fixed subscription. You can also describe briefly what you do; unless you have a lousy job as a clown.�When writing about the kind of person you are looking for, try to be brief descriptive but still have some vague margin.

dating application form

dating application form

You can do this by phone, email or instant messaging features if the other person is online. These sites approach is to make couples spend time to know and understand each other and find their compatibility.


Dating Application Form – Find The Relationship You Are Looking For #best #online #dating #service


#online dating application

#

Dating application form Do you know that elderly people with disabilities are shocked when they hear about disabled dating? This is because, until recently, society views disabled people as asexual beings. Most reputable dating sites have private policies to protect their members by not disclosing the personal information of a member to a third party without the written consent issued by the member himself or a court.

dating application form

While the first option in the ease of communication and registration is available in the paid site membership is available against a pre-fixed subscription. You can also describe briefly what you do; unless you have a lousy job as a clown.�When writing about the kind of person you are looking for, try to be brief descriptive but still have some vague margin.

dating application form

dating application form

You can do this by phone, email or instant messaging features if the other person is online. These sites approach is to make couples spend time to know and understand each other and find their compatibility.