Suppose I gift shares worth Rs.2.5 lakhs to my wife by transferring them in her account. Will I be liable to pay gift tax ? Or my wife is liable to pay the gift tax ? Or none of us ? Please clarify.
RE:Gift tax
by Yatish P.Motani on May 05, 2006 06:56 PM
My Maternal Brother staying abroad offering me a sum of money - Rs.1.50 lacs as gift. Does this gift is taxable in my hands ? Does maternal brother fall under the defination of " Relative " under the Income Tax Act ?
my mother's real sister , staying in usa, wants to give us gift. worth 2 lakhs.
directly in our name.
1) will it be taxable? if yes, how to avoid that? 2) can she give it to my mother(her real sister) and inturn my mother gives it to us? which option is open to us?
I need a help from u. I am working in a Company and recevied one gift cheque from a friend a sum of Rs.225000/-. I just want to know that what is exactly gift tax holds. Bec. I read somewhere that 25000/- or 30,000/- is free but after that u need to pay 30% or the balance amount included in your income.Can u clarify Please
India is a over populated country, it looks very odd when we read about Gift tax on marriage gifts,or to relatives etc. In my opinion gift tax should be levied on other items which are very common. Items such as money received in the form of remittances from relatives and to have a good revenue collection for the country which can be utilised for reducing the gap between the rich and the poor. The collection will be a regular one and funds can be utilised in the best possible manner. It should not effect the donor as well as the donee as the gift charge can be of very minimum percentage and can be collected on all the transactions. Hope the authorities will consider regular type of collection under the heading Gift tax.
RE:Gift Tax
by h k m on Apr 20, 2005 10:44 PM
Why should you pay tax for legally transferring money within the family (blood relative, if you will)?! Imposing such taxes would only promote people to transfer undeclared amounts in undesirable ways rather than feeling secure in declaring the actual gift received. Hence I am personally against any tax on remittance or gifts.
well, it is intresting to know about tax system ,i welcome it in the sense for the welfare of india. not for the tax collecting / custom officers.i also believe this will only help the custom officers not the governement of india, we should plan something good to secure the tax money for the governement and for the welfare of we the poor people. thanks
