Gift Tax Rate

Sir/Madam

I want to know that any amount received in cash from mother is taxable or not?

Thanks

surajit Sinha

I have gifted Rs 4 lac to my younger btrother. Will it have any tax liability on me or my younger brother. How to record this gift for taxation purpose? Please let me know.

It is not taxable

Hello,

If I gift 1lac to my mother(not working) will this money be detucted from my taxable income? SInce it is a income to my mother, anyway she has to pay the tax. So will it be deducted from my taxable income?

Dear Freind

I have recd. one bike in schems gift. and  i have deducted tds @ 33.99%

can i refund above amount or not.

plz given reply

If your bike is a winning of a lottery,i.e.if in the scheme you WON the bike, you have to pay 33% tax separately as it is not included in your tax slab at normal rates. If anyone gives you winning in cash he has to deduct 33%. If he gives you partly in cash and partly in kind he has to deduct 33% on the cash amount and deliver your item in kind to you only after getting proof from you of having paid full 33% of the value Income Tax yourself as an advance tax.

Therefore it is foolishness to win cars, bikes or any items in game shows. The items are too overpriced and you have to pay tax on something that is over valued. Better to win cash prizes only.

Sir,

I am a Senior citizen, Pensioner,  paying Income Tax. My son is an NRI and wants to gift me Rs. 20 Lakhs from his NRO account on my next birthday. What would be his and my Income / Gift Tax liabilities. Please advise. 

Thanks,

BSN Murthy