Sir/Dear friend i want to know taxibility of gift. According to latest amendment relating to gift on 1/10/2009 gift in kind is taxable .
Is gift in kind is taxable if it is given before 1/10/2009 for may 2010 exam.
2 Replies
Ratti Wahal
(Company Secretary)
(139 Points)
Replied 22 April 2010
Dear Varun,
Finance Bill, 2009 had brought a change in the taxability of the gifts received by an Individual.
Hon'ble Finance Minister has enlarge the ambit of gift tax. Earlier, gift received in Cash (exceeding the limits of Rs. 50,000/-) was taxable only. However, effective from 1st October 2009 gifts received in Kind will also be taxable if there value exceeds Rs. 50,000/-.This change has come in to effect from 01st October only.
In nutshell, gifts received in kind (Immovable property, securities, Jewellary will be taxable effective from 01st October 2009, not before that.
Regards,
Viswanathan.C.P
(Manager-Finance and Accounts)
(332 Points)
Replied 22 April 2010
Please clarify whether gift before 1.10.09 upto 50,000 and gift in kind after 1.10.09 exempt means upto 1 lac is exempt for the financial year 2009-10.
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