Gift tax

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Meenakshi (Querist)
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06 March 2013 If gift is given by individual to daughter-in-law which is staying outside india. Whether it is taxable to individual person.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 March 2013 It will be exempt from Tax.

Meenakshi

Meenakshi (Querist)
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06 March 2013 while calculating wealth tax of that individual. what will b effect

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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06 March 2013 The asset so transferred will be clubbed u/s 4(1)(a).

In computing the net wealth of an individual, there shall be included, as belonging to that individual, the value of assets which on the valuation date are held by the son's wife, of such individual, to whom such assets have been transferred by the individual, directly or indirectly, on or after the 1st day of June, 1973, otherwise than for adequate consideration.

Meenakshi

Meenakshi (Querist)
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06 March 2013 Thanks a lot Sir. I am also doing Icwa.

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