Gift Tax

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2011 Whether gift(House Property) given to close relatives will attract gift tax.Please mention relevant section also

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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17 June 2011 GIFT TAX IS NOT LEVIED NOW. IT IS A THING OF PAST.
PRESENTLY, GIFTS AR TAXED UNDER THE INCOME TAX ACT. YOU CAN REFER SECTION 56(2)(vi), 56(2)(vii)and 56(2)(viia).

However, property gifts, from relatives defined under the explanation to the Section 56(2)(vi) & 56(2)(vii) are exempt from tax.

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