if i pay the gift to non relative for rs. two lacs. than am i not liable to pay the tax?? & donee is liable to pay tax ??
& what is tax tare ??
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GIFT TAX
Replies (2)
If the Gift is paid from your Capital (Declared Incomes) No Tax to be paid.
Gift Tax is already abolished.
The Gift will be added to the Income of the recepient (Gift will be treated as Income from other sources) & he will have to pay tax as per his applicable I.T slab. He can take benefit of 80C & 80 D in saving tax.
Mr.Sachin
Gift received from a non-relative excess Rs.50000/- entire amount is taxable...
In your case the receipient will be taxable for entire 2 lacs ...
it will be treated as his income from other source and taxed accordingly....
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