The following Q&A was first published in the Legal 500 and Legal Business Magazine on 8th March, 2024. The same was written by our Private Client team at Cyril Amarchand Mangaldas. The online version of the Q&A can be found here.Continue Reading Private Client Year Book 2024: Q&A India
Charitable organisations, irrespective of the scale of their activities, seek and accept donations in various forms. Predictably, payment and receipt of donations, susceptible as they may be to misuse, are subject to regulation in India, and there are multiple legal complexities that need to be navigated through in connection with these.
In this article, we identify some questions that donee organisations must consider when accepting charitable donations in order to suitably address various legal issues and formalities applicable.
Continue Reading Receiving charitable donations? What you should think about.
The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the following Q&A which was published by the Mint Newspaper on 27th January, 2021 and the online edition of the same can be found here.
I wish to gift shares worth a few lakhs of rupees to my parent, who is retired and has no income, so that the dividend can be used as income. Will I need to make a gift deed and register it? Will my parent be taxed? Can my parent gift or will back the shares to me at a later date?
John Denver famously sang these lyrics in his famous love ballad, “Leaving on a Jet Plane”:
“’Cause I’m leavin’ on a jet plane
Don’t know when I’ll be back again
Oh babe, I hate to go”
When John sang these iconic words in 1966, when flying was quite the luxury, he could not even have dreamed how aptly they can be applied to the terrifying ‘Severe Acute Respiratory Syndrome Coronavirus-2’ (“COVID-19”) virus. With India going into a harsh and strictly enforced total lockdown from March end till May 17, 2020 (likely to be substantially extended), all airports have been shut and flights grounded. No one is going anywhere, whether they like it or not. No emotional love ballads will be sung, no jet planes will fly off into the sunset. A few repatriation flights have started to bring Indians stuck overseas back to India as part of the world’s largest peacetime repatriation effort, and allow some foreigners to leave India for their home countries – but as of now it is still a trickle.
Continue Reading I’m leaving on a Jet Plane (or maybe not!): CBDT clarifies tax residency for people trapped in India