Gift

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 May 2013 Dear Sir,
Suppose a father gives a cheque of 15 lacs as a gift to his son. Whether the gift tax will attract in above case? And what is the threshold limit in gift tax provisions.

Please advise me.

22 May 2013 It will not attract GIFT Tax. In Father-Son Relationship, it is not applicable.

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 May 2013 Whether the gift tax provisions have been terminated by department?

23 May 2013 Yes. Agreed with Tushar. Gift tax has been abolished many years ago.

06 November 2021 The gift above Rs. 50,00/- is incorporated under Income tax, after abolition of Gift Act.


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