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When and to whom is the gift tax payable
03-May-2023 (In Tax Law)
I wish to gift a flat valued at Rs. 43 lakh to my elder brother. How much would be the gift tax on it and who is liable to pay it and when should it be deposited with the Income Tax deptt. ? Plz guide.
Dear querist
This query need details discussion and I need status of property and this need detailed research and need detailed opinion. I can't give you answer in short. Because this is very complex. Please do careful. Otherwise income tax department will issue a notice to you
This query need details discussion and I need status of property and this need detailed research and need detailed opinion. I can't give you answer in short. Because this is very complex. Please do careful. Otherwise income tax department will issue a notice to you
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Adv. Sushil Kumar
Delhi | 25+ Answers
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Prepare a gift deed , there are no any liability of taxes in your cases. A real brother comes under relatives category under income tax and gifts from relatives are exempted under income tax ( Gift tax )
Helpful?
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Adv. Brajesh Kumar
Delhi | 25+ Answers
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