Gift
Mahendra Makhija (Me) (43 Points)
07 February 2014
If a person gives a gift of Rs. 300000 to his mother, what would be tax liability??
Is there any document required??
5 Replies
Mihir
(Wealth Manager)
(5293 Points)
Replied 07 February 2014
No, there shall be no tax liability. It will be tax-free in the hands of the mother. A documentary proof of the gift is useful.
Mahendra Makhija
(Me)
(43 Points)
Replied 07 February 2014
Thanx Mihir
But can u give me its reasn??
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 07 February 2014
Because mother is relative as per section 56(2)(vii) of income tax act and gifts from relative is exempt. regards make gifts under a gift deed ... regards
Mahendra Makhija
(Me)
(43 Points)
Replied 08 February 2014
Is there any tax liability under any other law??? i.e. Gift Tax Act etc.
Mohammad Asif
(chartered accountant)
(191 Points)
Replied 14 February 2014
gift tax acts have been abolished and the provisions have been incorporated in income tax act.
Recent Topics
- ITR filing for non resident in one FY
- 2 buyer form 26qb
- CFS INCLUDING MAURITIUS SDS
- Tds on rent paid to two persons
- GST R-9 Turnover
- ITC wrongly Taken in GST 3B
- Tax liability in the case of Joint Ownership of Pr
- RCM-Director
- Levy of GST on the invoice that crosses Rs.20 lakh
- Clarification for ITR AY 2024-25
Related Threads
Trending Online Classes
-
6 days Certification Course on GST Practical Return Filing Process
CA Pratibha Goyal16 December 2024
CAclubindia
