Income tax rule on gifts over rs. 50000
NOUFAL (ACCOUNTANT) (762 Points)
16 December 2013NOUFAL (ACCOUNTANT) (762 Points)
16 December 2013
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 16 December 2013
Thanks for sharing the info....
samrat karmokar
(2012)
(21 Points)
Replied 21 October 2016
Dear Sir
My Grandfather has gifted amount rs. 417339/- to one of his freind on august 2016 through cheque.
My Question is:
1. Does the above gift need to be registered? Can we register the gift now in November, 2016 ?
2. In case my grandfather's freind does not give Income Tax on the gift amount for this financial year, can tax liability on this amount lie on my grandfather?
3. What tax percentage rate will be applicable in this case for the gifted amount ? My grandfather and his freind both are senior citizen.
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