With reference quote in Budget 2017-18 "Money, immovable property or specified movable property worth over 50k received as gift or for inadequate sum to be taxable" is there any changes in Gift Tax for gifts from Relatives ?
Kaushik (Accounts) (123 Points)
03 February 2017With reference quote in Budget 2017-18 "Money, immovable property or specified movable property worth over 50k received as gift or for inadequate sum to be taxable" is there any changes in Gift Tax for gifts from Relatives ?
Nikhil Sharma
(Government Service)
(539 Points)
Replied 03 February 2017
No amendments in the gifts received from relatives.
But they have enlarged the scope of the section 56(2) by applying it to all assesses. Earlier it was only applicable to individual, huf, firm, company.
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