Gift taxability

This query is : Resolved

vignesh srinivasan (Querist)
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11 October 2011 sir
1.i have received gold to the tune of 1.5 kgs from my mother (aged 85) as gift worth (Rs.45 lakhs) which she has aquired by savings from past years .
since there is no gift tax i need not pay any tax, but should she pay wealth tax for it?

if s for how many years she should file returns for wealth tax?

any possible chances of reducing??

CA.E.Deepan Chakravarthy

CA.E.Deepan Chakravarthy (Expert)
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11 October 2011 No gift tax and no capital gain tax are to be paid.
Wealth tax is to be paid by the person who holds the said wealth on valuation date(i.e on 31st March of every year)