Gift tax

Thanks for the update.

The views posted by Mr Hitesh is valid in India as per prevailing rules.

Dear Anil,

Thanks. i would like to seek further clarifications on the below points :

1. Please let me know under which Section number of the Income tax Act-which mentions that the gift is exempted from tax for my reference.

2.In the above  case has the Donor who resides in U.S.A , being the donor of the gift deed  please let me know whether he has to pay gift tax to income tax office in India.

read whole Section 56(2)  generally, clause vii and fourth proviso to clause vii of this section specially.

read whole Section 56(2)  generally, clause vii and fourth proviso to clause vii of this section specially.

agree with above

Please refer this article which contains both Indian & US tax laws

https://articles.economictimes.indiatimes.com/2012-11-29/news/35433130_1_gift-tax-value-of-such-property-raju-maniar-cpa

Thanks for the inputs.

Thanks for the feedback.