Gift taxability
This query is : Resolved
11 October 2011
sir
1.i have received gold to the tune of 1.5 kgs from my mother (aged 85) as gift worth (Rs.45 lakhs) which she has aquired by savings from past years .
since there is no gift tax i need not pay any tax, but should she pay wealth tax for it?
if s for how many years she should file returns for wealth tax?
any possible chances of reducing??
1.i have received gold to the tune of 1.5 kgs from my mother (aged 85) as gift worth (Rs.45 lakhs) which she has aquired by savings from past years .
since there is no gift tax i need not pay any tax, but should she pay wealth tax for it?
if s for how many years she should file returns for wealth tax?
any possible chances of reducing??
11 October 2011
No gift tax and no capital gain tax are to be paid.
Wealth tax is to be paid by the person who holds the said wealth on valuation date(i.e on 31st March of every year)
Wealth tax is to be paid by the person who holds the said wealth on valuation date(i.e on 31st March of every year)
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