taxation of gifts

Tax queries 452 views 2 replies

Here are the few independent problems from sec.56(2)(vii).Plz give d tax treatment of all d followin:-

1)A gifts B jewellery and a painting during d p.y.10-11 having FMV of Rs. 30000 each.

2)A gifts jewellery to B and C gifts painting to B having FMV of Rs. 30000 each.

3)A gifts jewellery to B whose FMV is Rs. 30000. A gives painting of FMV Rs. 30000 at Rs. 2000.

4)A gives jewellery and painting at Rs. 5000 and Rs. 2000 respectively. FMV is Rs. 30000 each.

5)A gifts B jewellery and a land during d p.y.10-11 having FMV of Rs. 30000 each.

6)A gifts Rs. 30000 and jewellery whose fmv is Rs. 30000 each.

Plzz rply...

Replies (2)

 

Give to blood relatives is exempt but if you gift to non-relative of more than Rs.50000.00

Originally posted by : Pankaj Arora

 

Give to blood relatives is exempt but if you gift to non-relative of more than Rs.50000.00

My Doubt is any gift given to the Spouse & their blood relatives is taxable or exempted.

 

Regards

Ram.


CCI Pro

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