Tax on gift
This query is : Resolved
31 July 2012
Dear experts,
i have two minor sons IN 20010-2011
first son recived gift on birth day Rs.38940
Second son received gift on birth day rs 43855
is gift tax applicable?
both sons' accounts are maintained separately.
PLEASE GUIDE URGENTLY
i have two minor sons IN 20010-2011
first son recived gift on birth day Rs.38940
Second son received gift on birth day rs 43855
is gift tax applicable?
both sons' accounts are maintained separately.
PLEASE GUIDE URGENTLY
31 July 2012
Gift tax was abolished long ago. There is NO gift tax on gifts received now.
31 July 2012
gift tax not in effective now... so no gift tax liability arise
31 July 2012
As per Section 56, in case Value of Gifts received is in excess of Rs. 50000/- then whole of the amount of Gift is Taxable.
In this case both minor sons received gifts less than the limit individually and hence gifts are exempt in their hands. Consequently as per Section 64 (1A) there is no amount to be clubbed in the hands of the parent.
In this case both minor sons received gifts less than the limit individually and hence gifts are exempt in their hands. Consequently as per Section 64 (1A) there is no amount to be clubbed in the hands of the parent.
31 July 2012
Thanks to reply
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