Gift Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 April 2010
Can children give gift to parents without attracting gift tax
02 April 2010
YES. ANY GIFT RECEIVED FROM RELATIVE IS EXEMPT FROM TAX.
RELATIVE FOR THIS PURPOSE MEANS----
1) SPOUSE OF INDIVIDUAL
2) BROTHER OR SISTER OF INDIVIDUAL
3)BROTHER OR SISTER OF EITHER OF THE PARENTS OF THE INDIVIDUAL
4) ANY LINEAL ASCENDANT OR DESCENDANT OF THE INDIVIDUAL
4) ANY LINEAL ASCENDANT OR DESCENDANT OF THE SPOUSE OF THE INDIVIDUAL ETC
FOR DETAILS SEE SEC 56(2)(vii).
RELATIVE FOR THIS PURPOSE MEANS----
1) SPOUSE OF INDIVIDUAL
2) BROTHER OR SISTER OF INDIVIDUAL
3)BROTHER OR SISTER OF EITHER OF THE PARENTS OF THE INDIVIDUAL
4) ANY LINEAL ASCENDANT OR DESCENDANT OF THE INDIVIDUAL
4) ANY LINEAL ASCENDANT OR DESCENDANT OF THE SPOUSE OF THE INDIVIDUAL ETC
FOR DETAILS SEE SEC 56(2)(vii).
Amit Bajaj
(Expert)
03 April 2010
Yes. Gift Tax Act is no more applicable
03 April 2010
agreed
CA Ravi Sisodia
(Expert)
03 April 2010
good answer by Mr. sanjay gupta.
04 April 2010
THANKS RAVI JI
CA Ashok Kumar Sahu
(Expert)
05 April 2010
yes
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