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rate of gift tax

This query is : Resolved 
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(Querist)
07 December 2012

Dear sir,



whether or not chargeable to tax in this case, an individual received money from the relatives without consideration for the amount of 22 laksh then what is tax for the same and what is rate of tax for the same?
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
07 December 2012 If the source of money can be explained by the so called relatives of the assessee, no tax is leviable on the gifts received from relatives.
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