Gift tax
This query is : Resolved
17 August 2011
Hello....
If someone is receiving cash money under a gift, which type of tax is levied on him and how much?
If someone is receiving cash money under a gift, which type of tax is levied on him and how much?
17 August 2011
It is charged in Income from Other Sources.
Normal slab rate basis.
Normal slab rate basis.
17 August 2011
There is no gift tax but only income tax
17 August 2011
NO, there is no gift tax in india anymore.
17 August 2011
Gifts made on or after 1-10-1998 can't be taxed under the Gift tax Act,1958 since the said act is abolished.
17 August 2011
As u say there is no provision of gift tax in India... Can i know from when this apply? Means w.e.f?
17 August 2011
GIFT TAX ABOLISHED IN 1998
Gift taxable u/s 56(2)(v) w. e. f. 01.10.2004 and liable for inccome tax
Gift taxable u/s 56(2)(v) w. e. f. 01.10.2004 and liable for inccome tax
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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Banking Related Issue
- Difff in ais receipts and gst turnover
- ITR-Capital Gain
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
CAclubindia
