Gift Tax Amendment | Pay Gift Tax, if it is more than Rs.50,000

October 3rd, 2009| Finance.

Tgift taxhe gift which values above Rs.50,000 will come into jurisdiction of Gift tax. This amendment effects from 1.10.09. Till now, the cash gifts over Rs.50,000 were fall into account of Gift tax. But here onwards, it covers for gift articles or gift assets which cost more than Rs.50,000. So, if any one who takes a gift more than Rs.50,000 value, has to pay the Gift Tax. But there is exemption for some articles. The marriage gifts, Gifts from close relatives, gifts from settlement deeds, Gratuities are exempted from this tax.

For more details of what is the rate of gift tax, or other types of gifts, gift tax charges, how to avoid gift tax, how to minimize the gift tax, contact an Auditor in your town.