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Income tax gift rules





(e) Any.
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If a person receives Gifts (either in cash or in kind) from any person, gift tax would be liable to be paid by the person receiving the gifts.Thus, in case any property is not listed above, tax on those properties received as gift would not be levied.Capital Gains on Assets received/transferred as Gifts.However, if they earn some income from that gifted amount, it will be clubbed with your income, and you will have to pay taxes on the total income.



In case the property is received without any consideration being paid by the person receiving the gift, the stamp duty value/fair market value medical city dallas gift shop of the property would be taxable (provided the stamp duty value exceeds.
For the purpose of gift tax, lower of stamp duty value or value arrived by VO is required to be adopted.
However, if the value of gifts received exceeds.
In this case, no tax would be levied as the aggregate value of gifts received is less than.
However, if the amount of gifts received on occasions other than the above and from a person who isnt a relative as specified exceeds.This gift income will be taxed along with your total income under the tax slab rates applicable to you in that financial year.Gift of immovable property which is not registered is not valid as per law and cannot pass any title to the receiver.Stamp duty value, minus consideration, example 1: Stamp duty value Rs 2,00,000 Consideration Rs 75,000.Taxable amount is.25 lakhs (stamp duty value exceeds consideration by Rs 50,000).You can gift money to your parents if they are retired, and they can invest it in some high return investment scheme and save taxes.


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