Gift tax
This query is : Resolved
24 February 2012
Is there any liability for gift tax if a son receives the share of property co owned by him and his father.
24 February 2012
Gift TAx Act is now not applicable.
.
Taxation on Gift is levied vide provisions of Section 56(2)(vii)& viia).
There is no liability of tax as Gifts received from a relative is exempt.
.
.
Taxation on Gift is levied vide provisions of Section 56(2)(vii)& viia).
There is no liability of tax as Gifts received from a relative is exempt.
.
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