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?
Gautam Patel (CA and CWA) (146 Points)
04 September 2009An 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?
CS Asmita Mehta
(CS)
(308 Points)
Replied 04 September 2009
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............
Debashis Mandal
(Business & Tax Consultancy)
(341 Points)
Replied 05 September 2009
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
VARUN
(PCC STUDENT)
(523 Points)
Replied 05 September 2009
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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