regarding gift exemption from relative or someother person
This query is : Resolved
Suresh Kumar Verma
(Querist)
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.
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
(Expert)
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.
*
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
(Expert)
20 February 2011
You may follow the links for more details
https://www.apcca.com/Attach/new_ready/Gifts%20under%20Income%20Tax%20Act.pdf
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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