Gift Tax Act
This query is : Resolved
Hemal Parikh
(Querist)
23 June 2008
Hi,
If mother gives gift to her daughter and grand daughter. Whether same gift is taxable to any of them. If yes what is rate of taxes.
Also can u please provide me list of "Relatives" who are exempted for Gift Tax.
Regards,
Hemal Parikh
If mother gives gift to her daughter and grand daughter. Whether same gift is taxable to any of them. If yes what is rate of taxes.
Also can u please provide me list of "Relatives" who are exempted for Gift Tax.
Regards,
Hemal Parikh
24 June 2008
What exactly u r trying to ask?
a) If u r asking taxability from the view point of Income Tax Act, gift from relatives is exempt.
"Relatives" includes, any lineal descendant of the individual.e.g, daughter
Gift to grand daughter is taxable in the hands of grand daughter
b) If u r asking taxability from the view point of Gift Tax Act, let me remind you that Gift Tax Act is abolished long back
a) If u r asking taxability from the view point of Income Tax Act, gift from relatives is exempt.
"Relatives" includes, any lineal descendant of the individual.e.g, daughter
Gift to grand daughter is taxable in the hands of grand daughter
b) If u r asking taxability from the view point of Gift Tax Act, let me remind you that Gift Tax Act is abolished long back
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
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- 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
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
