I-T relief over flat from dad sans gift deed

MUMBAI: The income tax appellate tribunal’s (ITAT) Mumbai bench has held that the absence of a formal gift deed cannot, by itself, justify treating a property purchase as an ‘unexplained investment’ when the source of funds is clearly identifiable. Under I-T laws, if income or an asset is treated as unexplained, it is subjected to a steep punitive tax rate.

Raccontata datimesofindia.indiatimes.com