Annual Exclusion - Law Dictionary Search Results
Home Dictionary Name: annual exclusionannual exclusion
annual exclusion : the maximum amount that a person can give each year as a gift without having to pay a gift tax NOTE: The annual exclusion is currently $10,000 per donee. ...
exclusion
exclusion 1 : the act of excluding or state of being excluded ;specif : refusal of entry into the U.S. by immigration officials [review of deportation and orders] compare deportation 2 : something that excludes or is excluded: as a : a part of an insurance contract that excludes specified risks from coverage compare condition, declaration b : an amount that is excluded from tax liability [a $10,000 annual per donee for gifts "W. M. McGovern, Jr. et al."] compare credit, deduction, exemption ex·clu·sion·ary [-zhə-ner-ē] adj ...
gift
gift 1 : an intentional and gratuitous transfer of real or personal property by a donor with legal capacity who actually or constructively delivers the property to the donee with the intent of giving up dominion over the property and investing it in the donee who accepts it ;broadly : a voluntary transfer of property without compensation see also delivery compare donation, sale class gift : a usually testamentary gift of a sum to a group of unspecified persons whose number and identity and share of the gift will be determined sometime in the future (as at the death of the donor) com·plet·ed gift : a gift in which the dominion and control of the property is placed beyond the donor's reach gift cau·sa mor·tis [-kȯ-zə-mȯr-tis, -ka-sÄ -mȯr-tēs] pl: gifts causa mortis : a gift of esp. personal property made in contemplation of impending death that is delivered with the intent that the gift take effect only in the event of the donor's...
gift tax
gift tax : an excise tax imposed on a donor for gifts of property made during the donor's lifetime see also annual exclusion, gift split gift at gift, unified transfer tax compare death tax, estate tax, generation-skipping transfer tax ...
Exclusive licence
Exclusive licence, means a licence from a patentee which confers on the licensee, or on the licensee and persons authorised by him, to the exclusion of all other persons (including the patentee), any right in respect of the patented invention, and exclusive licensee shall be construed accordingly. [Patents Act, 1970, s. 2 (1) (f)]It means a licence which confers on the licensee or on the licensee and persons authorised by him, to the exclusion of all others persons (including the owner of the copyright) any right comprised in the copyright in a work, and 'exclusive licensee' shall be construed accordingly. [Copyright Act, 1957 (14 of 1957), s. 2 (j)]...
Exclusive
Having the power of preventing entrance debarring from participation or enjoyment possessed and enjoyed to the exclusion of others as exclusive bars exclusive privilege exclusive circles of society...
Annual charge
Annual charge, the words 'annual charge' mean charge to secure an annual liability, New Piece Goods Bazaar Co Ltd. v. CIT, AIR 1950 SC 165 (167). [Income-tax Act (11 of 1922) s. 9(1)(iv)]...
Exclusive
Exclusive, when the expression is explicit, the expression is conclusive, alike in what it says and in what it does not say. These give to the Central Government an exclusive right to act in place of the persons who are entitled to make claim or have already made claim. The expression 'exclusive' is explicit and significant, Charan Lal Sahu v. Union of India, (1960) 1 SCC 613: AIR 1990 SC 1480 (1533). [Bhopal Gas Leak Disaster (Processing of Claims) Act, 1985, ss. 3, 4]...
Net annual income
Net annual income, 'net annual income', in relation to a wakf, means net annual income determined in accordance with the provisions of the Explanations to sub-s. (1) of s. 72. [Wakf Act, 1995 (43 of 1995) s. 3(j)]...
Wholly and exclusively
Wholly and exclusively, the expression 'wholly and exclusively' used in s. 10(2)(xv) of the Income Tax Act, 1922 does not mean 'necessarily'. Ordinarily it is for the assessee to decide whether any expenditure should be incurred in the course of his or its business. Such expenditure may be incurred voluntarily and without any necessity and if it is incurred for promoting the business and to earn profits, the assessee can claim deduction under s. 10(2)(xv) of the Act even though there was no compelling necessity to incur such expenditure. It is relevant to refer at this stage to the legislative history of s. 37 of the Income Tax Act, 1961 which corresponds to s. 10(2)(xv) of the Income Tax Act, 1922. An attempt was made in the Income Tax Bill of 1961 to lay down the 'necessity' of the expenditure as a condition for claiming deduction under s. 37. S. 37(1) in the Bill read 'any expenditure . . . laid out or expended wholly, necessarily and exclusively for the purposes of the business or ...
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