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
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