An assessee being an individual received gifts in the form of jewellry , Shop and dr balance in firm by way of inheritance from his deceased mother. Whether the gift are exempted and under which section?
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Gift taxability
Replies (3)
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
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