Gift deed

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 November 2014 Whether gift can be made to nephew from uncle in kinds i.e. say a property or land can be gifted to nephew or nice by his / her uncle without consideration. what is the new law of gift on that issues like which type of gift is totally exempted by whom to whom in cash or in kind???
which is applicable for tax purpose as per new rules. please guide me in details with clear examples if possible.
thankx in advance sir/madam

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 November 2014 Gifts received from a relative are NOT taxable as per Section 56(2)(vii).

Uncle is covered in the definition of relatives and accordingly such gift will have no tax implications in the hands of the uncle as well as the nephew.

Further Gift Tax Act has been abolished and is no longer applicable.