What is GIFT?
NOTED jurist Nani Palkhiwala in his book “Law & Practice of Income Tax” based on numerous judicial decisions, has given a commentary as under :
++ A gift which has the personal element in essence is not income at all.
++ Gift to the office holder by way of remuneration for the office is taxable. But personal gifts given on personal grounds and as personal testimonial or as a token of personal esteem, respect, regard, veneration or to mark an occasion is not an income.
++ A personal gift does not become income merely because it is repeated year after year.