Urgent - Gift

This query is : Resolved

SURESH KUMAR.P (Querist)
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30 July 2009 What is the limit of Gift to paid to my relation in Assessment year 2009-10 & 2010-11? if gift is Exceed the limit how much tax is to be paid?And also give general clarification about Gift Tax if I give gift what is tax implements in that gift. And any changes about gift in finanace bill 2009?

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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30 July 2009 for relative there is no limit on amount of gift , but if its given to any non-relative than if amount of gift exceeds 50000 in a year and whole amount is chargeable to tax under IFOS