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Gift Tax | 1 comment (1 topical, 0 hidden)
Gift Tax (none / 0) (#1)
by Mrs Gupta on Mon Oct 30, 2006 at 03:18:11 AM EST
The answers to your queries are as under:

A. The husband can gift any amount of cash or an immovable property to his wife. There is no limit to the extent of which such gift can be made. However, as provided by section 64 of the Act, the income derived from such gifted property will be includible in the income of the donor i.e. the husband. The gifted property would also form part of his wealth for the purpose of computing the net wealth of the donor.

B. In case of a senior citizen who is not alive and his estate has not been distributed amongst his legal heirs which estate has an income above the taxable limit, a return of income will be filed by his legal heirs in respect of such an income. The entire income arising to the estate of the deceased will have to be included for the purposes of the taxability of the income. This procedure is for the interim period and after the estate of the legal heir is distributed to the legal heirs, the legal heirs would include the income arising from their share of such estate in their own income.





Gift Tax | 1 comment (1 topical, 0 hidden)
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