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
5 Replies
CA. Dashrath Maheshwari
(TaXpert)
(15103 Points)
Replied 27 September 2007
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.
alok daiya
(CA FINAL M.COM)
(130 Points)
Replied 27 September 2007
DASHRATH SIR
CAN U GUIDE ME REGARDING TAXABILITY OF GIFTS RECEIVED BY AN ASSESSEE(EXCEEDS Rs 50000)
CA. Dashrath Maheshwari
(TaXpert)
(15103 Points)
Replied 27 September 2007
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.
Ravikumar.G
(Consultant)
(18525 Points)
Replied 27 September 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.
Ravikumar.G
(Consultant)
(18525 Points)
Replied 27 September 2007
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
Recent Topics
- Surrender of Private Limited Shares
- CLOSURE of LLP VIA FORM 24
- RCM on repair
- Understand Operating Profit/Income - How to Calcul
- Error in E-verification for Form 35(Appeal)
- ITC on plant and equipment
- Https://www.facebook.com/luxeleurantiagingserum/
- TDS for Senior Citizen
- Want to pay tax on forward charge and pay tax
- How Often Should You Service Your Air Conditioner
Related Threads
CAclubindia
