Gift tax
This query is : Resolved
06 March 2013
If gift is given by individual to daughter-in-law which is staying outside india. Whether it is taxable to individual person.
06 March 2013
It will be exempt from Tax.
06 March 2013
while calculating wealth tax of that individual. what will b effect
06 March 2013
The asset so transferred will be clubbed u/s 4(1)(a).
In computing the net wealth of an individual, there shall be included, as belonging to that individual, the value of assets which on the valuation date are held by the son's wife, of such individual, to whom such assets have been transferred by the individual, directly or indirectly, on or after the 1st day of June, 1973, otherwise than for adequate consideration.
In computing the net wealth of an individual, there shall be included, as belonging to that individual, the value of assets which on the valuation date are held by the son's wife, of such individual, to whom such assets have been transferred by the individual, directly or indirectly, on or after the 1st day of June, 1973, otherwise than for adequate consideration.
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