Is Gift Tax applicable as of now.
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Gift Tax
Replies (3)
it got repealed long back. Now there is no gift tax.
See Sec 56.....
Gift Tax was abolished in 1998 itself. Its not applicable anymore.
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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