The Gift Tax Act was abolished w.e.f. 1.10.1998. No gift tax is payable on any gift received after 1.10.1998.
(*) The fair market value of the movable properties shall be determined as per Rule 11UA.
Such gifts of money or property shall be taxable under the head 'Income from Other Sources'.
The gifts of money or property received by an individual or HUF is not charged to tax in following cases :
The visitors may visit the web site of Income Tax Department for resolving their doubts or for clarifications.
Press Ctrl + D to Bookmark this Page