Gift Tax Act
This query is : Resolved
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
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