DelhiScoop.com
HOME | TOURISM | INFO TECH | NEWS | REAL ESTATE | HEALTH | INFRASTRUCTURE | EDUCATION | CONTACT US - SANJAY @ 98 119 87371

Gift Tax


By Unregistered Visitors, Section Ask Questions
Posted on Mon Oct 30, 2006 at 03:01:54 AM EST

Q: Please enlighten us on the following points:

A. Can a husband give gift of cash/property to his wife? The interest of the gift and the procedure involved therein.

B. In the event of a senior citizen/PAN holder:

Who will file the return/returns on his behalf?

How will the interest on deposits like MIS. (post office) account, RBI bonds and other bank deposits etc. occurring in the ensuring years, till maturity be treated under these circumstances?

< Your mail just got hacked, and computer too | By 2020, 12 more Sunderban islands set to go under water >
Display: Sort:
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)
Display: Sort:
Win A Jeans Twice a Week
&
Win A Kurta 7 Days A Week
MEMBERS AREA

Make a new account

Username:
Password:
 ACTION CENTER
. submit article or question
. create account
. Help - What is this site about?
. Using The Free Member Diaries

Internet Services

Who's Online? (11)

. Unregistered Visitors (11)

Note: You may cloak yourself from appearing here in your Display Preferences.

Site Stats

No Access

Recent Comments

. GOOD ATTEMPT (khurshid anwar)

. Private investment is must for countries growth (khurshid anwar)

. comment (syeedunsyd)

. comment (syeedunsyd)

. Gift Tax (Mrs Gupta)

. DTDC (tanay253)

Recent Member Diaries


More Diaries...

Front Page

Friday November 28th
. 'RadioCabs.in.' first portal where you can get any types of information related to Radio cabs (0 comments)

Thursday November 27th
. SEZ Applications To Go Online'www.sezindia.nic.in', Help The Developers To Apply In Tax Free Zones (0 comments)

Wednesday November 26th
. Govt To Set Up Land Bank To Woo IT Majors, Aime To Avoiding A Repeat Of The Land Crisis (0 comments)
. Ambani Institute Bill Passed After Debate (0 comments)
. A Flyover, A Railway Overbridge And A Service Road Are Part Of Rs 400cr Plan To Decongest Bypass (0 comments)
. Kolkata Metro To Get 7-km Extension with Dumdum To Dakhineshwar (0 comments)
. Railways plans ticketing system that doesn't trip on power (0 comments)

Tuesday November 25th
. Global Meltdown Cast A Shadow Over The State's First FDI Venture In Real Estate (0 comments)
. 26th North Bengal Book Fair To Begin On Wednesday At Kanchenjungha Mela Ground (0 comments)
. Bengal Engineering and Science University (Besu) Classes Next Week (0 comments)
. Makeover Drive On North Calcutta Streets, Starting With The Shyambazar Five-Point Crossing (0 comments)
. City Set To Get Its First Badminton Academy By January (0 comments)
. On the Net, confidential information is monitored everyday. how much of a factor is privacy? (0 comments)

Monday November 24th
. Reserve Bank of India (RBI) Told To Push Core Status For Special Economic Zones (SEZs) (0 comments)
. Home Buyers Worry About Job Security In The Current Economic Scenario, Say Experts (0 comments)
. Reduce Property Prices and Lower interest rates must for revival: DLF (0 comments)
. India's First Monorail To Come Up In Kolkata, Will Commence In March 09 and Take 2 Years To Complete (0 comments)
. National School of Drama (NSD) To Set Up Centre In Kolkata (0 comments)

Sunday November 23rd
. Govt Kicks Off Hiring Young Professionals For C'wealth Games To Meet The Manpower Needs of Games (0 comments)
. Future Puts Hotel Plans On hold As Lehman Falls (0 comments)
. No Fall In Kolkata Realty Prices, NAREDCO And CREDAI Reject The Reducing Prices To Boost Demand (0 comments)
. Bengal Govt Set To Miss Third Deadline For IT Park Land (0 comments)

Saturday November 22nd
. Recession Hits Rajarhat Construction Projects, Ambuja Realty Also Delay Works In Its Haldia Projects (0 comments)
. Bengal To Focus On Developing Small, Medium Towns To Benefit More People With Urban Life Style (0 comments)
. Cultural Icons Plan Bengal Heritage Hub (0 comments)

Older Stories...


All trademarks and copyrights on this page are owned by their respective companies. Comments are owned by the Poster. The Rest (c) GurgaonSCOOP.com and QBTPL.
submit story | create account | faq | search