Dear ALL,
I want to know how gift tax is applicable in case of Blood Relations and no-relation ??????
I mean what is the percentage appli8cable under income tax. What is the slab rate ?????
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193950 Points)
Replied 14 April 2017
As such there is no GIFT tax.
Any amount of gift received by individual or HUF from relatives is exempt u/s. 56(2)(vii)
Any amount of gift, (from non-relatives. if more than Rs. 50,000/-) is added to the income of assessee as income from other sources and taxed as per his/her income tax applicable for the AY.
Read more : 1. https://www.charteredclub.com/gift-tax/
2. https://www.incometaxindia.gov.in/_layouts/15/dit/mobile/faqs/faq-questions.aspx?key=FAQs+on+Gifts+received+by+an+individual+or+HUF&k=
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