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
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- Tds on commission charges
- Fixe term employment
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- GST ITC REVERSE
- TDS on TRUST
- Withdrawal in cash from partners capital account by partner
- Consolidated financials
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Section 50-fixed asset-->building ceases to exist
- Renovation exp. in flat by family member
- Starting trading business
- Need Professional Opinion AY 2012-13 Old Demand
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
09 September 2026
SENIOR AUDITOR & ACCOUNTS MANAGER
Anupam Parashar & Co.
Ghaziabad
CA Final
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
08 September 2026
Semi-Qualified Assitant
Subrahmanyam & Sivudu CA Firm
Hyderabad
CA Inter
View Details
ARTICLESHIP
16 September 2026
Article Assistant
MANUJ SHARMA AND COMPANY
Noida
CA Inter
View Details
ARTICLESHIP
04 September 2026
Accounts Executive
Hema Yashwanth & Associates
Chennai
B.Com
View Details
CCI
Pro
CAclubindia
