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Gift tax

arun (Govt. officer) (46 Points)

27 September 2007

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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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.

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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