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Gift tax

This query is : Resolved 
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(Querist)
17 August 2011 Hello....

If someone is receiving cash money under a gift, which type of tax is levied on him and how much?
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
17 August 2011 It is charged in Income from Other Sources.

Normal slab rate basis.
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Harpreet

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Harpreet (Querist)
17 August 2011 is any gift tax is levied?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
17 August 2011 There is no gift tax but only income tax
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Harpreet

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Harpreet (Querist)
17 August 2011 when the gift tax is levied?
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
17 August 2011 NO, there is no gift tax in india anymore.
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
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.
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Harpreet

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Harpreet (Querist)
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?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
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
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Harpreet

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Harpreet (Querist)
17 August 2011 Thanks all of u to clear my doubts
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