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This query is : Resolved
11 August 2009
Can anybody solve me out?
What will be the Tax treatment of the following:-
i) I recd. gift of Rs. 50,000 from a frnd. and I gifted the same to his wife.
ii) I gifted an amount of Rs.60,000 to my frnd and he gifted the same to my wife.
What will be the Tax treatment of the following:-
i) I recd. gift of Rs. 50,000 from a frnd. and I gifted the same to his wife.
ii) I gifted an amount of Rs.60,000 to my frnd and he gifted the same to my wife.
11 August 2009
1. Gift below 50,000/- exempt
2. Gift above Rs. 50,000/- i. e. 60,000 taxable.
2. Gift above Rs. 50,000/- i. e. 60,000 taxable.
18 July 2010
If gift is recd from a relative or during marriage or by will or by inheritance then gift is exempt from tax
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