Urgent - Gift
This query is : Resolved
30 July 2009
What is the limit of Gift to paid to my relation in Assessment year 2009-10 & 2010-11? if gift is Exceed the limit how much tax is to be paid?And also give general clarification about Gift Tax if I give gift what is tax implements in that gift. And any changes about gift in finanace bill 2009?
30 July 2009
for relative there is no limit on amount of gift , but if its given to any non-relative than if amount of gift exceeds 50000 in a year and whole amount is chargeable to tax under IFOS
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