Comments on: Receive a Gift From Relatives? No tax http://www.etaxindia.org/2009/03/receive-gift-from-relatives-without-tax.html Wed, 21 Dec 2011 14:09:15 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: dinesh mangal http://www.etaxindia.org/2009/03/receive-gift-from-relatives-without-tax.html#comment-37019 dinesh mangal Tue, 26 Jul 2011 08:05:04 +0000 http://etaxindia.org/?p=125#comment-37019 What would be tax treatment if my brother in-l law want to Gift immovable property of Rs 20 lakh to me. What would be tax treatment if my brother in-l law want to Gift immovable property of Rs 20 lakh to me.

]]> By: PARAG http://www.etaxindia.org/2009/03/receive-gift-from-relatives-without-tax.html#comment-27547 PARAG Sun, 20 Mar 2011 15:31:33 +0000 http://etaxindia.org/?p=125#comment-27547 MOTHER OR FATHER GIVE LOAN TO HIS SON THIS AMOUNT kindly advise as per the gift tax MOTHER OR FATHER GIVE LOAN TO HIS SON THIS AMOUNT kindly advise as per the gift tax

]]> By: N.Ravindranath http://www.etaxindia.org/2009/03/receive-gift-from-relatives-without-tax.html#comment-26985 N.Ravindranath Sun, 13 Mar 2011 02:20:07 +0000 http://etaxindia.org/?p=125#comment-26985 A client of mine, who was representing India in international sports evens and won many laurels and medals. Now he is retired and not playing. He is often felicitated by clubs and state governments, sports bodies, news paper channels, colleges and give him by way of gifts/purse huge sums of money. I feel that all such amounts are to be taxed in the light of widened scope of taxability of gifts under section 56 of Indian Income tax Act. It is not even prize money to claim exemptions as we were doing while he was an active non professional player. Would you please look into this A client of mine, who was representing India in international sports evens and won many laurels and medals. Now he is retired and not playing. He is often felicitated by clubs and state governments, sports bodies, news paper channels, colleges and give him by way of gifts/purse huge sums of money. I feel that all such amounts are to be taxed in the light of widened scope of taxability of gifts under section 56 of Indian Income tax Act. It is not even prize money to claim exemptions as we were doing while he was an active non professional player. Would you please look into this

]]> By: prashant http://www.etaxindia.org/2009/03/receive-gift-from-relatives-without-tax.html#comment-11079 prashant Wed, 04 Aug 2010 17:07:52 +0000 http://etaxindia.org/?p=125#comment-11079 Dear Sir/ Madam, My father want to gift me Rs 500000 kindly advise as per the Gift tax act. Regards, Prashant Dear Sir/ Madam,
My father want to gift me Rs 500000 kindly advise as per the Gift tax act.

Regards,
Prashant

]]> By: Mohan P http://www.etaxindia.org/2009/03/receive-gift-from-relatives-without-tax.html#comment-5693 Mohan P Mon, 31 May 2010 07:00:53 +0000 http://etaxindia.org/?p=125#comment-5693 Dear Team, Situation 1:--What would be tax treatment if I want to Gift INR 25lakhs to my friend without any occasion. Situation 2:--What would be tax treatment if I want to Gift INR 25lakhs to my friend on his birthday. Will I be liable to gift tax.. if yes, then plz mention the slab rate at which it will get taxed? If possible plz quantify the amount of Gift tax? Situation 3:-- What would be best possible option of gifting amount to unknown (other than relatives) where by IT Department won't have any objection. Can i make gift deed in favour of unknown (other than relatives), & if I am ready to pay gift tax, then is there any ceiling over such quantum of Amount? Would be greatful to you, if you suggest the best way of amount (cash/chq/dd) gifting the amount without any hardle to the receiver & giver. Dear Team,

Situation 1:–What would be tax treatment if I want to Gift INR 25lakhs to my friend without any occasion.

Situation 2:–What would be tax treatment if I want to Gift INR 25lakhs to my friend on his birthday. Will I be liable to gift tax.. if yes, then plz mention the slab rate at which it will get taxed? If possible plz quantify the amount of Gift tax?

Situation 3:– What would be best possible option of gifting amount to unknown (other than relatives) where by IT Department won’t have any objection.
Can i make gift deed in favour of unknown (other than relatives), & if I am ready to pay gift tax, then is there any ceiling over such quantum of Amount?

Would be greatful to you, if you suggest the best way of amount (cash/chq/dd) gifting the amount without any hardle to the receiver & giver.

]]> By: Krunal Patel http://www.etaxindia.org/2009/03/receive-gift-from-relatives-without-tax.html#comment-3318 Krunal Patel Fri, 07 May 2010 07:58:08 +0000 http://etaxindia.org/?p=125#comment-3318 Dear Sir/Madam, I wish to gift Rs. 2,00,000/- to my daughter in her marrige aniversary. is there any gift tax/ income tax involved for me as for her. kindly advise as per gift tax act regd P I Patel Dear Sir/Madam,
I wish to gift Rs. 2,00,000/- to my daughter in her marrige aniversary. is there any gift tax/ income tax involved for me as for her. kindly advise as per gift tax act

regd
P I Patel

]]> By: P I Patel http://www.etaxindia.org/2009/03/receive-gift-from-relatives-without-tax.html#comment-3317 P I Patel Fri, 07 May 2010 07:57:33 +0000 http://etaxindia.org/?p=125#comment-3317 Dear Sir/Madam, I wish to gift Rs. 2,00,000/- to my daughter in her marrige aniversary. is there any gift tax/ income tax involved for me as for her. kindly advise as per gift tax act regd P I Patel Dear Sir/Madam,
I wish to gift Rs. 2,00,000/- to my daughter in her marrige aniversary. is there any gift tax/ income tax involved for me as for her. kindly advise as per gift tax act

regd
P I Patel

]]> By: Sai http://www.etaxindia.org/2009/03/receive-gift-from-relatives-without-tax.html#comment-3065 Sai Fri, 30 Apr 2010 12:26:44 +0000 http://etaxindia.org/?p=125#comment-3065 Dear Sir ,, I am going to get a laptop gift worth 999$ (Rs.45,000 approx,) from an Organization in USA, They are sending me the laptop by mentioning it as a gift. The organization is sending me the laptop with no shipping charges ie. they are paying the charge for shipping also. It comes to my home directly in courier. I am a student .. So Do I need to pay any money as a Gift tax to government for receiving the gift.. Pls reply me as soon as possible because i have only a week left .. They are going to send me in a week. pls do reply to my email address sir... Thanks in advance.. Regards. Saim Dear Sir ,,
I am going to get a laptop gift worth 999$ (Rs.45,000 approx,) from an Organization in USA,
They are sending me the laptop by mentioning it as a gift.
The organization is sending me the laptop with no shipping charges ie. they are paying the charge for shipping also. It comes to my home directly in courier.
I am a student .. So Do I need to pay any money as a Gift tax to government for receiving the gift..
Pls reply me as soon as possible because i have only a week left ..
They are going to send me in a week.
pls do reply to my email address sir…
Thanks in advance..

Regards.

Saim

]]> By: Deepak Gupta http://www.etaxindia.org/2009/03/receive-gift-from-relatives-without-tax.html#comment-2954 Deepak Gupta Fri, 23 Apr 2010 10:38:01 +0000 http://etaxindia.org/?p=125#comment-2954 I Transfer my Car to my spouse without consideration and my company paying lease rental of car on my behalf to my spouse, Please advice about the Tax Liability I Transfer my Car to my spouse without consideration and my company paying lease rental of car on my behalf to my spouse, Please advice about the Tax Liability

]]> By: kamal setia http://www.etaxindia.org/2009/03/receive-gift-from-relatives-without-tax.html#comment-2926 kamal setia Thu, 22 Apr 2010 06:25:18 +0000 http://etaxindia.org/?p=125#comment-2926 No doubt information provided by you are practically benificial to us in different manners. It increases our knowledge for which I really convey my thanks. I would request you to provide a proforma for gift deed, if possible, and also advise as to whether the deed should be written on a simple paper or on a stamped paper (also advise the amount of stamp paper). No doubt information provided by you are practically benificial to us in different manners. It increases our knowledge for which I really convey my thanks. I would request you to provide a proforma for gift deed, if possible, and also advise as to whether the deed should be written on a simple paper or on a stamped paper (also advise the amount of stamp paper).

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