2026 ⁽¹⁷⁸⁾

The Indian government has taken significant steps to curb black money and undisclosed foreign assets held by residents outside the country. One of the key legal tools in this effort is the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Any receipt of money, movable property, or immovable property received as a gift is taxable when it is received: Without consideration, or For inadequate consideration Such receipts are taxable under the head “Income from Other Sources” in the hands of the recipient. Non-Resident Individuals (NRIs)…

Any profit or loss that arises from the transfer of a capital asset is treated as capital gains. Such gains are taxable under the head “Income from Capital Gains” in the year in which the transfer takes place. This applies unless the Income-tax Act provides…