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Gift Tax

This query is : Resolved 
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(Querist)
23 December 2009 Dear Experts

Please explain the current position of Gift Tax
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CA SURENDRA KUMAR RAKHECHA

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CA SURENDRA KUMAR RAKHECHA (Expert)
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.
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ANIL JANGID

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ANIL JANGID (Expert)
23 December 2009 AGREE
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Murtaza I Bhagat

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Murtaza I Bhagat (Expert)
23 December 2009 agree with experts
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
23 December 2009 agree
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