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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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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
1 Reply
On 02 June 2020 at 09:53


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