banner_ad

Gift taxability

This query is : Resolved 
Profile Image

Profile Image

(Querist)
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??
Profile Image

CA.E.Deepan Chakravarthy

Profile Image

CA.E.Deepan Chakravarthy (Expert)
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)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details