If my father gifts a plot of land to me and my wife jointly, do we have to pay any gift tax on it. the value of land as per circle rates is around 30 lacs.
kindly guide.
arun
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Gift tax
Replies (5)
Gift tax is history. FA98 has deleted Gift Tax Act w.e.f. 1.10.98. Consequently, all gifts made on or after 1.10.98 are free from gift tax. Neither the donor nor the donee would have to pay any tax.
DASHRATH SIR
CAN U GUIDE ME REGARDING TAXABILITY OF GIFTS RECEIVED BY AN ASSESSEE(EXCEEDS Rs 50000)
Monetary Ceiling of the tax free gifts received from non-relatives in a financial year increased from
Rs.25,000/- to Rs. 50,000/- retrospectively from AY 2006-2007.
Only applicable to Individual and HUF
Any sum of money,aggregate value of which exceeds Rs.50,000 /- is received during the previous year wothout consideration, by an Individual or a HUF from any persons on or after 01.04.06 then the whole of the aggregate of such sum will be taxable.
Exceptions : Gifts received from the following persons not taxable :
1. Relative
2.On the occasion of the marriage
3.Under a will or by way of inheritance
4.In comtemplation of death of the payer
5.Any local authority
6.Trust or Institution u/s 10(23C)
7. Trust or Institution u/s 12AA
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