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...
taxation of gifts
sonal (student) (76 Points)
18 March 2011