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Gift Tax

This query is : Resolved 
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(Querist)
16 February 2010
Respected Gentle Men

I would like to know that gift received by a Trust in kind or cash from a Company where Trustees are directors of that company is subject to gift tax?

Further company is transfering funds to the trust without any consideration or any mercantile transacxtion, is this amount attracts gift tax
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shrikant

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shrikant (Expert)
22 February 2010 Dear Bhimasenarao

Gift tax abolished and no gift tax payable by the company and in this case not taxable to director also.
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