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Gift tax percentage
what is the percentage of gift tax.,after we present a any gift to our friend above 3 lakhs
Replies (2)
- You will have to report gift value under income from other sources. in ITR
- This gift income will be taxed along with your total income under the tax slab rates applicable to you in that financial year.
please confirm with others also.
There is no gift tax now. If you are giving gift to others they will pay income tax on this by taking amount under other source at the normal slab rate
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