Gift in Kind
This query is : Resolved
CA. Varun Soni
(Querist)
18 December 2007
Hi..
Is gift in Kind is exempt from a non-relative.
If Yes then, what if i gift gold worth Rs 5,00,000 to my frnd. Will that be exempt?
If No then at what value tax will be levied.
Is gift in Kind is exempt from a non-relative.
If Yes then, what if i gift gold worth Rs 5,00,000 to my frnd. Will that be exempt?
If No then at what value tax will be levied.
S.Srinivasaraghavan
(Expert)
18 December 2007
For the gift to be taxed at the hands of the recipient, the same has to be in monetary value (of what is mentioned in section 56 of It Act) and the recipient should be non-relative, that is away from the meaning of relative within the purview of section 56 of the Income tax Act.
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