taxability of gift
This query is : Resolved
18 February 2009
It is understood that the receiver of the gift is made liable to pay tax on it.
Is the giver of the gift also has to pay tax on it?
Please help
Is the giver of the gift also has to pay tax on it?
Please help
18 February 2009
The donor need not pay tax on the amount of gift. However,if called upon,the donor cannot satisfactorily prove the source for the gifted amount he may become liable to pay income tax.
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