Gift tax
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 January 2014
Can anyone please guide me about the provisions of gift tax. Is gift tax appliable when mother in law transfers her share in the immovable residential property to her daughter in law ? If yes then what is the slab rate and how it is to be computed
09 January 2014
gift tax has now been abolished. Now any gift in cash or in kind except gifts received from relatives is taxable under the head income from other sources.
Gifts of immovable property having stamp duty value of more than Rs. 50,000/- is also taxable as gift in the hands of the recipient unless the donor falls under any of the categories of the definition of the term 'relative'. One of such categories is any lineal ascendant or descendant of spouse of the individual. So, parents of the spouse are included in the lineal ascendant or descendant. therefore daugher in law can receive gift of property from her mother in law that is mother of her spouse as the same will be includible in the definition of relatives.
Gifts of immovable property having stamp duty value of more than Rs. 50,000/- is also taxable as gift in the hands of the recipient unless the donor falls under any of the categories of the definition of the term 'relative'. One of such categories is any lineal ascendant or descendant of spouse of the individual. So, parents of the spouse are included in the lineal ascendant or descendant. therefore daugher in law can receive gift of property from her mother in law that is mother of her spouse as the same will be includible in the definition of relatives.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Bank details not Visible on Traces Portal
- TDS ON EMAIL DOMAIN SERVICE BILL
- Journal entry of busniess expenses
- Capital gain on sale and purchase of plot
- Resigning a auditor from the company for misconduct
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Eway bill not cancelled within 24 hous what can be due
- TDS Deducted AY-2013-14 Not Reflected in 26as
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
