Gift Tax
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
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.
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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