what is the tax rate on gift received from a non relative above 50,000/- in FY 2007-08
is gift tax rates are constant or keep on changing as income tax every year?
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Gift Tax Rate
Replies (10)
There is no gift tax . The gift is treated as income in the hands of donee except for cases of gift recd from relatives as defined .
Thereafte , normal income tax rates are applicable , as applicable to the donee.
Gift Tax is abolished in 1998.Gift received will be treated as income and taxed at normal tax slab rates in the hands of the recipient except when it is received from a relative, received on the occasion of marriage of the recipient, received by way of will or inheritance, by way of trust etc.
Sir/Madam
I want to know that any amount received in cash from mother is taxable or not?
Thanks
surajit Sinha
I have gifted Rs 4 lac to my younger btrother. Will it have any tax liability on me or my younger brother. How to record this gift for taxation purpose? Please let me know.
| Originally posted by :Guest | ||
| " | Sir/Madam I want to know that any amount received in cash from mother is taxable or not? Thanks surajit Sinha |
" |
It is not taxable
| Originally posted by :Guest | ||
| " |
Sir/Madam
|
" |
Hello,
If I gift 1lac to my mother(not working) will this money be detucted from my taxable income? SInce it is a income to my mother, anyway she has to pay the tax. So will it be deducted from my taxable income?
Dear Freind
I have recd. one bike in schems gift. and i have deducted tds @ 33.99%
can i refund above amount or not.
plz given reply
If your bike is a winning of a lottery,i.e.if in the scheme you WON the bike, you have to pay 33% tax separately as it is not included in your tax slab at normal rates. If anyone gives you winning in cash he has to deduct 33%. If he gives you partly in cash and partly in kind he has to deduct 33% on the cash amount and deliver your item in kind to you only after getting proof from you of having paid full 33% of the value Income Tax yourself as an advance tax.
Therefore it is foolishness to win cars, bikes or any items in game shows. The items are too overpriced and you have to pay tax on something that is over valued. Better to win cash prizes only.
Sir,
I am a Senior citizen, Pensioner, paying Income Tax. My son is an NRI and wants to gift me Rs. 20 Lakhs from his NRO account on my next birthday. What would be his and my Income / Gift Tax liabilities. Please advise.
Thanks,
BSN Murthy
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