Gift gold

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 March 2013 I m married lady....in1988 my mother bought gold jewellery 500gms of bill no 145 and amt paid rs 15200/-..she is giving gift to me now..as i m blood relation i dont have to pay tax...as she is under wealth tax catogary she had not paid wealth tax...now any procedure i have to do??

Rupesh Jain

Rupesh Jain (Expert)
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19 June 2013 no your tax liabilty or wealth tax liability is not for in relation of your mother purchase

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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18 July 2013 Since your mother falls under the Wealth tax category she should file her W. T Return. Why to wait for the small amount of gift. Save WT and take bigger amount as gift in the year in which she has already filed the WT return by making a gift deed. You need not register it and the excess wealth can be passed on to you since there is no Gift tax on the blood relation.

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