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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.
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Tushar Desai

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Tushar Desai (Expert)
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?
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CA.Tarun Maheshwari

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CA.Tarun Maheshwari (Expert)
23 May 2013 Yes. Agreed with Tushar. Gift tax has been abolished many years ago.
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Dhirajlal Rambhia

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