Tax Liabilty on Gift
This query is : Resolved
RIMPI SINGHAL
(Querist)
19 June 2010
Someone has 1.5 kg Gold. He gifted that gold t0 his son,daughter and wife equally.
Whether Gift givrn in kind is taxable or not ????
Secondly, Suppose, His son, wife and daughter sold that Gold and returns amount through cheque to that person as Gift.
Whether Son, daughter and wife can give that money through cheque to that person as Gift..
Plz clarify ASAP....
Thanks
Whether Gift givrn in kind is taxable or not ????
Secondly, Suppose, His son, wife and daughter sold that Gold and returns amount through cheque to that person as Gift.
Whether Son, daughter and wife can give that money through cheque to that person as Gift..
Plz clarify ASAP....
Thanks
CA Sanat Pyne
(Expert)
19 June 2010
according to section 56(2)(vii) The above transaction is not taxable.
hshivakumar
(Expert)
19 June 2010
gift within the relative is not taxable for Individual and HUF
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