sir in section 47 of income tax act all gift are exempt....
so if a individual is gifting to company shares, gold, cash, etc then is it exepmt....
sir in section 47 of income tax act all gift are exempt....
so if a individual is gifting to company shares, gold, cash, etc then is it exepmt....
Sec.47 deals with certain transactions not regarded as transfer for the purpose of capital Gain. Any transfer of Capital Asset (not all gift) under a gift is not treated as transfer. Therfore, no capital gain aises.
Only in case of Shares, if gift of Shares is received by company (closely held). Then, it will be taxable in the hands of company refer Sec.56(2)(viia).
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