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Gift Tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 April 2010 Can children give gift to parents without attracting gift tax
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
02 April 2010 YES. ANY GIFT RECEIVED FROM RELATIVE IS EXEMPT FROM TAX.

RELATIVE FOR THIS PURPOSE MEANS----
1) SPOUSE OF INDIVIDUAL
2) BROTHER OR SISTER OF INDIVIDUAL
3)BROTHER OR SISTER OF EITHER OF THE PARENTS OF THE INDIVIDUAL
4) ANY LINEAL ASCENDANT OR DESCENDANT OF THE INDIVIDUAL
4) ANY LINEAL ASCENDANT OR DESCENDANT OF THE SPOUSE OF THE INDIVIDUAL ETC




FOR DETAILS SEE SEC 56(2)(vii).
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Amit Bajaj

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Amit Bajaj (Expert)
03 April 2010 Yes. Gift Tax Act is no more applicable
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CA. Kishore Choudhary

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CA. Kishore Choudhary (Expert)
03 April 2010 agreed
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
03 April 2010 good answer by Mr. sanjay gupta.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
04 April 2010 THANKS RAVI JI
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
05 April 2010 yes

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