Gift tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 August 2011
Please let me know what is the maximum limit for giving gift. Also let me know the slab for the gift tax
CA PARAS BAFNA
(Expert)
02 August 2011
Gift tax had been abolished long back.
As such there will be no gift tax liability.
Total Gifts received from non relatives in a financial year if exceeds Rs 50000/-
then the entire amount of gifts received is treated as income of the recipient U/s 56(vii). The income is liable to tax at normal slab rates.
Gifts received from relatives are not taxable. "Relatives" are also defined in the said Section of Income Tax Act.
As such there will be no gift tax liability.
Total Gifts received from non relatives in a financial year if exceeds Rs 50000/-
then the entire amount of gifts received is treated as income of the recipient U/s 56(vii). The income is liable to tax at normal slab rates.
Gifts received from relatives are not taxable. "Relatives" are also defined in the said Section of Income Tax Act.
03 August 2011
The Gift tax Act,1957 is abolished in the year 1997. For the remaining part I too agree with Bafna Ji.
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