Please can u tell me if gift tax is applicable now? Acc. to me it is N.A since 1998. Is it correct? If yes, then, if a father gifts his daughter his rental income, then will it be taxed? The property is in his name..
Gift Tax Act is not appliacble from 1998 onwards.
However certain gifts covered under Section 56 of the Income Tax Act are taxable now which are taxable under the head Income from other sources.
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