Gift Tax Act
Web gift tax act, 1958 was an act of the parliament of india which was enacted to impose tax on the act of giving or receiving gifts under certain circumstances as specified by the. Short title, extent and commencement. If any gifts are received in following situations or from below. 5,000 in aggregate during the financial year are exempt from tax.
If the donee pays the stamp duty, it can amount to consideration paid by the donee for the gift under the transfer of property act,. Under section 56(2)(x)(a), when any person. As per the income tax act, the following list of persons are defined as a relative of an individual. Short title, extent and commencement.
