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Tax on gift

This query is : Resolved 
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(Querist)
31 July 2012 Dear experts,
i have two minor sons IN 20010-2011
first son recived gift on birth day Rs.38940
Second son received gift on birth day rs 43855

is gift tax applicable?

both sons' accounts are maintained separately.
PLEASE GUIDE URGENTLY
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
31 July 2012 Gift tax was abolished long ago. There is NO gift tax on gifts received now.
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CA Lokesh Pokharna

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CA Lokesh Pokharna (Expert)
31 July 2012 gift tax not in effective now... so no gift tax liability arise
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Ravikant

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Ravikant (Expert)
31 July 2012 As per Section 56, in case Value of Gifts received is in excess of Rs. 50000/- then whole of the amount of Gift is Taxable.
In this case both minor sons received gifts less than the limit individually and hence gifts are exempt in their hands. Consequently as per Section 64 (1A) there is no amount to be clubbed in the hands of the parent.
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manoj rathod

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manoj rathod (Querist)
31 July 2012 Thanks to reply
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