Gift Tax Act, 1958

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CA Tejas Andharia (Querist)
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24 July 2008 There is an act in India named Gift Tax Act, 1958. Any gift exceeding Rs. 50,000 during the year is chargable to tax under secion 56 (2) (vi). Is is also taxable under the Gift Tax Act, 1958? Which gifts are taxable under Gift Tax Act, 1958, if they are made by Indian Resident to other Indian Resident? or by NRI to Indian Resident? or by Indian Resident to NRI?

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
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25 July 2008 Gift tax Act 1958 is not in force now. Non-exempted Cash gifts are taxable now under IT Act at the hands of recipient.

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