Gift tax Exemption

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Life is a Race.....CA FINAL (Querist)
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31 October 2009 I am aware that Gift tax is now taxable but i wanted to know wheather any limit still exists which is not taxable and also is the change applicable retrospectively ??if yes from which year.

Satpal Singh

Satpal Singh (Expert)
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31 October 2009 Refer section 56(2)(vi) of the Income Tax Act.

Before 01.10.2009 gift received in money above Rs. 50000 is taxable.

After 01.10.2009 gift received in money or kind exceeding Rs. 50000 is taxable.

Mening there by that after 01.10.2009 gift of jewellery, Property also taxable.

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Abuzar Azmi

Abuzar Azmi (Expert)
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31 October 2009 Yes Satpal Singh is right.

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CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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31 October 2009 gift form relative is not taxable whether in kind or cash.

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