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Gift tax
Can sisters son give gift to his uncle (Mama)?
Replies (6)
yes and there is no tax liability
Upto Rs 50,000/- is exempted. If gift received exceed Rs 50,000/- then it is taxable.
50,000 is the eligibility limit.
If it exceeds Rs 50,000/- then the whole amount is taxable.
If it exceeds Rs 50,000/- then the whole amount is taxable.
Thanks sir for ur precious suggestion
what is rate of gift tax now.
what is rate of gift tax now.
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