Gift Tax On gift of money

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73 Points Posted on 12 October 2024
I want to know that how much gift tax will be imposed if someone gift Rs. 17,00,000/ to someone
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On 12 October 2024 at 14:50 Report
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In India, gifts of money are generally tax-free if the donor is considered a 'relative' of the recipient as defined by Section 56(2)(x) of the Income Tax Act. If the donor is not a relative, the gift may be subject to income tax based on the recipient's slab rate. It's crucial to clarify the relationship between the donor and donee to determine any tax liability.

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SEO Sai Gr. Hosp.
212453 Points Posted on 12 October 2024

If the donor is 'relative' to donee as defined under section 56(2)(x) IT act, no tax liability. Otherwise as per slab rate.

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On 12 October 2024 at 16:35
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Profession Business
28246 Points Posted on 14 October 2024
Please mention the relationship of donor and donee
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On 14 October 2024 at 09:19

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