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.
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