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22 November 2011 SIR IS NOW GIFT TAX CLOSED OR APPLICABLE. IF YES THAN WHAT IS THE RATE OF IT

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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22 November 2011 Rajeev, gift tax completely abolished now...and provisons of gift contained in income tax act1961 in sec 56

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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22 November 2011 Earlier there was a separate Act to tax on gifts called the Gift Tax Act,1958 abolished in the year 1997.

Provisions for taxation of gits were brought under Income tax act,1961, there is no special rate for gifts there are taxable at normal rates as applicable to other inocme.

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23 November 2011 thanks sir