gift tax
This query is : Resolved
27 February 2010
pls, answer
1.is below transaction is liable for tax ?
parties in the transaction
a) aunty (senior citizen)(mother's sister ) is receiving the gift from
b)elder sister's son (who is giving the
gift of residential site to his aunty)
2.in general, suppose gift tax is payable
who suppose to pay the tax, whether the receiver of the gift or giver of the gift
1.is below transaction is liable for tax ?
parties in the transaction
a) aunty (senior citizen)(mother's sister ) is receiving the gift from
b)elder sister's son (who is giving the
gift of residential site to his aunty)
2.in general, suppose gift tax is payable
who suppose to pay the tax, whether the receiver of the gift or giver of the gift
27 February 2010
Gift tax is applicable. If the value is more than 50000 then the same should be added to the receiver of the gift as income from other sources and accordingly tax has to be paid.
28 February 2010
receiver is liable to pay tax in your case aunty is liable to pay tax on gift if its value is more than 50,000/- in kind.
01 March 2010
how the above gift is taxable since law says, gift can be taken by brothers and sisters of either of the parents,
if tax is exempted for the value received by the brothers and sisters of the parents,
can't the value given as gift to the brothers and sisters of the parents(vice versa to the clause in law )
if tax is exempted for the value received by the brothers and sisters of the parents,
can't the value given as gift to the brothers and sisters of the parents(vice versa to the clause in law )
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