Gift tax
This query is : Resolved
17 August 2011
Hello....
If someone is receiving cash money under a gift, which type of tax is levied on him and how much?
If someone is receiving cash money under a gift, which type of tax is levied on him and how much?
17 August 2011
It is charged in Income from Other Sources.
Normal slab rate basis.
Normal slab rate basis.
17 August 2011
There is no gift tax but only income tax
17 August 2011
NO, there is no gift tax in india anymore.
17 August 2011
Gifts made on or after 1-10-1998 can't be taxed under the Gift tax Act,1958 since the said act is abolished.
17 August 2011
As u say there is no provision of gift tax in India... Can i know from when this apply? Means w.e.f?
17 August 2011
GIFT TAX ABOLISHED IN 1998
Gift taxable u/s 56(2)(v) w. e. f. 01.10.2004 and liable for inccome tax
Gift taxable u/s 56(2)(v) w. e. f. 01.10.2004 and liable for inccome tax
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