WebCentral Government Act. Section 5 (1) in The Gift-Tax Act, 1958. (1) Gift-tax shall not be charged under this Act in respect of gifts made by any person—. (i) of immovable property situate outside the territories to which this Act extends; (ii) of movable property situate outside the said territories unless the person—. (a) being an ... WebCharge of gift-tax. Section - 4 Gifts to include certain transfers. Section - 5 Exemption in respect of certain gifts. Section - 6 Value of gifts, how determined. Section - 6A …
What is Gift Tax? Exemptions of Tax on Gifts for FY 2024-23
Web2 dagen geleden · The Insight portal of the Central Board of Direct Taxes (CBDT) provides information to assessing officers, who then send out notices under Section 148A seeking an explanation. "Increasing number of taxpayers are receiving reassessment notices recently under Section 148 of Income Tax Act, 1961, where department has been issuing show … Web23 jun. 2024 · Gifting between residents is under Indian Companies Act processes and Income Tax Act. Additionally, for gifting of shares between resident and non-resident FEMA regulations are applicable. Some start-ups, have opted gift of shares towards remuneration or to avoid dilution of shareholding of existing shareholders. farewell reply email
Definition of Relatives for the purpose of Income Tax Act, 1961
Web30 nov. 2024 · By India Today Web Desk: There are many ways in which individuals in India can save tax under various sections of the Income Tax Act.One such way to reduce tax outgo is by gifting money or investing in the name of specific relatives. Experts, however, suggest that it is better to invest the gifted money as it not only helps in saving … Web10 jan. 2024 · Under current tax laws, not all gifts received in India are subject to tax. However, the Income Tax Act, 1962 includes key provisions which allow you to receive … Web14 jun. 2024 · However, the monetary gifts received from relatives will be tax-free as the income tax has already been paid by the first person. Therefore, the amount of Rs 1 lakh received by the wife will be exempt from tax irrespective of the income tax bracket she’s falling in. A monetary gift received by a wife from her husband is tax-exempt as a wife ... farewell remarks for boss