Taxability of gift
This query is : Resolved
08 March 2014
Dear Expert,
An Indian Lady wants to gift an amount of Rs. 80,00,000/- to her daughter who resides in the Switzerland. Whether any tax need to be deducted? Kindly mention the provision of Income Tax applicable in the case.
Thanks in advance.
Regards
Sakshi
An Indian Lady wants to gift an amount of Rs. 80,00,000/- to her daughter who resides in the Switzerland. Whether any tax need to be deducted? Kindly mention the provision of Income Tax applicable in the case.
Thanks in advance.
Regards
Sakshi
08 March 2014
No Income Tax will b deducted for the lady(mother), but it should b taxable in the hands of the daughter (as per Switzerland's law)
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