regarding gift exemption from relative or someother person

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Suresh Kumar Verma (Querist)
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19 February 2011 SIR,
I WANT TO KNOW THE PROVISIONS REGARDING GIFT ITS TRAETMENT IN INCOME TAX RETURN AS PER INCOME TAX ACT AS WELL AS GIFT TAX. PLZ EXPLIN.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 February 2011 The provisions related with gifts received by an Individual and HUF and its treatment can be found Under Section 56(2)(vii).
*
You may also Refer Section 56(2)(viia)for
gifts received by firms and Companies in which the public are not substantially interested .
*
In Income tax return, taxable gifts are to be shown under the head Income From Other Sources.
*
Gift Tax act is now no more in existence.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 February 2011 You may follow the links for more details

https://www.apcca.com/Attach/new_ready/Gifts%20under%20Income%20Tax%20Act.pdf

Guest

Guest (Expert)

20 February 2011 However, gift tax has been abolished.

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