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Gift Tax

New Provisions for Tax Treatment on Gifts from 1-10-2009

When a gift or a specified property is received without consideration from a non-relative whether in cash or in kind or any property is purchased for an inadequate consideration it shall be treated as income from other sources and taxable in the hand of the recipient under the new provisions for gift. In this article we will discuss about the new provisions regarding gift tax treatment w.e.f. 1-10-2009. You can also differentiate with old provisions .....

Gift From Close Relative Not Taxable

I Wish to give a gift/loan of Rs. 2 Lakh to my mother who is in India. If I transfer this amount from my NRE A/c to her saving account in India – Will she be taxed ? A.Gift amounts received from any close relative are not taxable in the hand of either the donor or the donee. it is perfectly okay to give the gift as intended by you to your mother, both of .....

Receive a Gift From Relatives? No tax

you can receive any amount from your relatives without paying any income tax as there is no gift-tax at present. There are certain provisions and important points which we will discuss in this post. Gift can be received by the following ways. From RelativesRelative means: Spouse Brother or sister Brother or sister of the spouse Brother or sister of either of the parents of the individual Any lineal ascendant or descendent(A lineal descendant is a .....