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help me with gift tax

poonam (student) (24 Points)

24 November 2010

my sister is 19 yrs old an engineering student. She got a prize /gift in a lucky draw a TVS pep which costs Rs.36,000.

We thought that amount of scooty is less than 50,00 so we are not liable to pay any tax...........but now those authorities are asking us to pay a gift tax of 30% on the price of Scooty.

can anyone help me with this?? Are we liable to pay tax?

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5 Replies

RAKESH (Almost CA) (2199 Points)
Replied 24 November 2010

It is not an transfer between two parties . This transaction is liable for tax at flat rate at 30% because the scooty is obtained by winning a lottery show or some sort of game. As per income tax act a person has to remit the tax called as Tax deducted at source and the tax rate is 30% so the authorities who has asked for the tax are correct.

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girish (self employed) (34 Points)
Replied 25 November 2010

i'm going get a gift from mother Rs5 lac in feb 2011, she is selling HP which is ancestral property. will this gift be taxable. and i want to know about selling of ancestral property, how it is calculated,

girish (self employed) (34 Points)
Replied 25 November 2010

Originally posted by : girish
	i'm going get a gift from mother Rs5 lac in feb 2011, she is selling HP which is ancestral property. will this gift be taxable. and i want to know about selling of ancestral property, how it is calculated,

Santhosh Poojary (SIEMPRE AHÍ PARA TI) (15607 Points)
Replied 27 November 2010

Originally posted by : RAKESH
	It is not an transfer between two parties . This transaction is liable for tax at flat rate at 30% because the scooty is obtained by winning a lottery show or some sort of game. As per income tax act a person has to remit the tax called as Tax deducted at source and the tax rate is 30% so the authorities who has asked for the tax are correct.