Tax on gift to married daughter
This query is : Resolved
12 September 2015
Can anyone please clarify on the issue that whether any tax is charged if any gift is given to married daughter. A lawyer told me that 9% tax is charged. Is it true.
Kindly help
Kindly help
13 September 2015
Gifts are taxable under Section 56(2)(vii) of the Income Tax Act. However this clause is not applicable if gift is given to a relative. Daughter (married or not) is a relative and hence such gift to a married daughter is not taxable in the hand of daughter. No Tax is payable. Gift can be money or movable or immovable property.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Confusion around Form 26QB fields
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
Trending Online Classes
CAclubindia
