Gift Tax
This query is : Resolved
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.
23 December 2009
AGREE
23 December 2009
agree with experts
23 December 2009
agree
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
- STCG....................................................
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- TAN for Partnership
- Treatment of Pension ?annuity returns on PMVY
- Sales return eway bill
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- STCG FOR GOLD ETFs
- Last year TDS Claim
- Loan by Partnership Firm
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
