Gift tax Exemption
This query is : Resolved
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.
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.
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.
Message likes :
1 times
31 October 2009
Yes Satpal Singh is right.
Message likes :
1 times
31 October 2009
gift form relative is not taxable whether in kind or cash.
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
- TDS 194-T applicability
- Fixe term employment
- GST ITC REVERSE
- Withdrawal in cash from partners capital account by partner
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- RCM ISSUE ON RENT AND TRANSPORTATION CHARGES
- Consolidated financials
- Tds on commission charges
- Regarding Applicability of Tax Audit u/s 44AB
- TDS on TRUST
- 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
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
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
