Gift Tax Act
This query is : Resolved
23 June 2008
Hi,
If mother gives gift to her daughter and grand daughter. Whether same gift is taxable to any of them. If yes what is rate of taxes.
Also can u please provide me list of "Relatives" who are exempted for Gift Tax.
Regards,
Hemal Parikh
If mother gives gift to her daughter and grand daughter. Whether same gift is taxable to any of them. If yes what is rate of taxes.
Also can u please provide me list of "Relatives" who are exempted for Gift Tax.
Regards,
Hemal Parikh
24 June 2008
What exactly u r trying to ask?
a) If u r asking taxability from the view point of Income Tax Act, gift from relatives is exempt.
"Relatives" includes, any lineal descendant of the individual.e.g, daughter
Gift to grand daughter is taxable in the hands of grand daughter
b) If u r asking taxability from the view point of Gift Tax Act, let me remind you that Gift Tax Act is abolished long back
a) If u r asking taxability from the view point of Income Tax Act, gift from relatives is exempt.
"Relatives" includes, any lineal descendant of the individual.e.g, daughter
Gift to grand daughter is taxable in the hands of grand daughter
b) If u r asking taxability from the view point of Gift Tax Act, let me remind you that Gift Tax Act is abolished long back
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- GST Regis.
- Tds on building rent monthly
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Disallowance of Section 43B(h) to sez units
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
