Gift Tax
This query is : Resolved
VIRAG GUPTA
(Querist)
23 December 2009
Dear Experts
Please explain the current position of Gift Tax
Please explain the current position of Gift Tax
23 December 2009
Fully exempt without any limit :
1. If it received from relatives;
(Relative's definition : Explanation to Section 56(2)(vi)
2 Marriage Gifts
3 Gifts under will or inheritance
Otherwise a gift from outsider is exempt upto Rs.50,000/.
If gift is received from an outsider say for Rs.55,000/- the whole amount is taxable in the hands of recepient.
Note : To receive gift from an outsider is an excellent performance.
1. If it received from relatives;
(Relative's definition : Explanation to Section 56(2)(vi)
2 Marriage Gifts
3 Gifts under will or inheritance
Otherwise a gift from outsider is exempt upto Rs.50,000/.
If gift is received from an outsider say for Rs.55,000/- the whole amount is taxable in the hands of recepient.
Note : To receive gift from an outsider is an excellent performance.
ANIL JANGID
(Expert)
23 December 2009
AGREE
Murtaza I Bhagat
(Expert)
23 December 2009
agree with experts
CA Ravi Sisodia
(Expert)
23 December 2009
agree
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