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regarding gift tax

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(Querist)
10 August 2009 Sir
I want to know regarding gift tax whether taxed or exempt
Can a nephew give a gift of his share in a residential property which is valued Rs.25.00 Lacs to his Uncle (father's brother)
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Rajan

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Rajan (Expert)
13 August 2009 Dear anand,

Depends upon the date of transfer of gift as new amendment made by the Finance (No. 2) Act, 2009 w.e.f. 1.10.09 is to be considered

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