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Tax Liabilty on Gift

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(Querist)
19 June 2010 Someone has 1.5 kg Gold. He gifted that gold t0 his son,daughter and wife equally.

Whether Gift givrn in kind is taxable or not ????

Secondly, Suppose, His son, wife and daughter sold that Gold and returns amount through cheque to that person as Gift.

Whether Son, daughter and wife can give that money through cheque to that person as Gift..

Plz clarify ASAP....

Thanks
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
19 June 2010 according to section 56(2)(vii) The above transaction is not taxable.
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hshivakumar

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hshivakumar (Expert)
19 June 2010 gift within the relative is not taxable for Individual and HUF
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