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Gift Tax

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(Querist)
21 December 2010 What are the provisions of Gift Tax still appliable or it has got abolished at all.

If a person want to give gift of Rs. 15 lakh to son for purchase of Home.
what is implication under Income Tax & Gift Tax Act??
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
21 December 2010 Gift tax has been abolished now.
gift received from father will not be taxable as per income tax act.
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sachin

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sachin (Expert)
22 December 2010 refer sec 56(2)(vi)
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