Gift given to son
shadab shaikh (133 Points)
30 May 2020
Can a sole proprietor gift his business asset to his son ? will it be taxable under income tax act?
3 Replies
Kiran Hathalia
(837 Points)
Replied 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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