Is Gift Tax applicable as of now.
3 Replies
Abhinav Agarwal
(M.Com C.A SAP Consultant)
(814 Points)
Replied 25 February 2009
it got repealed long back. Now there is no gift tax.
See Sec 56.....
M.Sriram Shenoy
(CA Final)
(814 Points)
Replied 26 February 2009
Gift Tax was abolished in 1998 itself. Its not applicable anymore.
Madhavendra
(CA Final Student)
(99 Points)
Replied 26 February 2009
Dear Friend, hope u are worried about taxability of gifts rather than Gift tax act as such.Now any gift in Cash exceeding Rs.50000 from a non relative is taxable.
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