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whats are the recommdation on gift tax in india?

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  • whats are the recommdation on gift tax in india?


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Answer #1 | 15/12 2013 04:31
The gift is free from gift tax if the gift is between blood relatives. Following is the list of relations which are considered as “relatives” for this Your spouse Your brother or sister Brother or sister of your spouse Brother or sister of either of your parents Any of your lineal ascendants or descendants Any lineal ascendant or descendant of your spouse Spouse of the persons referred in above points In case of non blood relatives the gift is free up to Rs.50,000. If the goft exceeds Rs.50,000 then the entire amount is taxable in the hands of the receiver. The amount of gift will be added to the receiver's total income. The receiver has to pay tax on it as per the slab rates. If a gift is received on the occasion of the marriage, then the gift/all the gifts are totally free from gift tax irrespective of the value of the gift. In this case the question of blood relatives dose not arise. This is because the gift is on the occasion of the marriage.. More details are given in the website given below: http://www.jagoinvestor.com/2013/03/income-tax-on-gifts-received.html http://www.knowledge.fintotal.com/Gift-Tax-Rules-and-Exemptions-in-India/6144#sthash.TPJRmQFn.dpbs
Answer #2 | 15/12 2013 21:50
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