GIFT TAX
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 July 2010
HOW MUCH GIFT TAX I WILL HAVE TO PAY IF I GIFT MY BROTHER A SUM OF RS 4 LACS IN CASH.
05 July 2010
donor is not liable to pay any tax on gift made to anyone. donee has to pay tax under section 56 of the act, if he is not relative of the donor as mentioned in the said section. as you are making gift to your brother he is also not liable to pay any tax
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