Tax liability in case of gift
This query is : Resolved
24 October 2007
If my mother gives gift to her husband's brothers wife does it attract gift tax?
25 October 2007
Now Gift tax has been abolished and the gifts are chargeable to tax under
"Income from other sources ".
Gifts to relatives is exempt to the ceiling of Rs.50000/- ."Relatives " in this context does cover husband's brother. If the gift exceeds Rs.50000/-, then the full gift is taxalble as other sources income.
"Income from other sources ".
Gifts to relatives is exempt to the ceiling of Rs.50000/- ."Relatives " in this context does cover husband's brother. If the gift exceeds Rs.50000/-, then the full gift is taxalble as other sources income.
27 October 2007
I think since the gift is received from spouse of husband's brother even above 50000/- is not taxable.Please confirm.
27 October 2007
Yes, Samir is right in this context mr. Ravi.
Ceiling of Rs. 50000.00 is applicable in case of non relative. In that case amount above Rs 50000 is chargeable u/h Income from other sources.
But in case of relatives it is exempt without any limit.
So Samir dont worry if this relation is covered under the defination of relatives then gift can be given without any limit.
Regards,
Ajay Gumbar.
Ceiling of Rs. 50000.00 is applicable in case of non relative. In that case amount above Rs 50000 is chargeable u/h Income from other sources.
But in case of relatives it is exempt without any limit.
So Samir dont worry if this relation is covered under the defination of relatives then gift can be given without any limit.
Regards,
Ajay Gumbar.
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