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 ?????
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Gift tax
Replies (1)
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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