Gift tax

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abhishek

abhishek (Querist)
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07 November 2012 Dear Sir,

pl send me full info of gift tax.

CA. Sunil Kumar

CA. Sunil Kumar (Expert)
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08 November 2012 As per Section 56(2)(vi) where any sum of money exceeding fifty thousand rupees is received without consideration by an individual or a Hindu undivided family from any person the whole of such sum
Provided that this clause shall not apply to any sum of money received—
(a) from any relative; or
(b) on the occasion of the marriage of the individual; or
(c) under a will or by way of inheritance; or
(d) in contemplation of death of the payer; or
(e) from any local authority as defined in the Explanation to clause (20) of section 10; or
(f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or
(g) from any trust or institution registered under section 12AA.]

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