Gift taxability

as of today gifts in kind are not taxable bcoz charging section uses the word "amount"  But the situation will be change after recent amendments............

Dear Gautamji,

If it is under will, then no tax liability will attract U/S - 47(iii) of Indian Income Tax Act. 1961

Thanks

Debashis

gift in kind wil not be taxable in current assessment year but will be taxable in next assessment year ...

Regards

Varun Makhija