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?
CA Ashwani Agarwal
(Expert)
17 August 2011
It is charged in Income from Other Sources.
Normal slab rate basis.
Normal slab rate basis.
Aditya Maheshwari
(Expert)
17 August 2011
There is no gift tax but only income tax
CA Ashwani Agarwal
(Expert)
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?
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
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- 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?
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
