Gift given to son

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133 Points Posted on 30 May 2020
Can a sole proprietor gift his business asset to his son ? will it be taxable under income tax act?
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On 30 May 2020 at 12:26 Report
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This discussion explores whether a sole proprietor can gift business assets to their son and if this transfer is taxable under the Income Tax Act. Based on a literal interpretation, gifts to relatives, including sons, are generally exempt from tax. Therefore, such a gift would likely fall outside the scope of taxation.

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837 Points Posted on 30 May 2020
There is no distinction given in the act regarding the type of gift. If we go by literal interpretation, gift given to relatives shall be exempt and son comes under the purview of relative. and therefore, the same shall be outside the ambit of tax.
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On 30 May 2020 at 21:13
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133 Points Posted on 30 May 2020
Thank you sir
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On 30 May 2020 at 22:28
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133 Points Posted on 02 June 2020
Thank you sir
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On 02 June 2020 at 09:53

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