The Tax Preparation Blog

Posts Tagged ‘social’

Question: Gift Tax in India, Help Please?

My father-in-law is buying a car for me registered in my name paying the full amount, I want to know if its taxable under gift tax act in India. I have heard that tax is exempted if the gift was received on your wedding, I have been married since 2.5 years. Do i need a registered gift deed to prove it to the Income Tax department?

Answer: There is no tax on gifts to relatives.
Read about wealth and gift tax in India http://mytaxes.in/index.php?topic=19.0

Use company car, decline its leased flat: Experts

There are a few things, though, that they can do from next year to ensure their tax outgo is lower.

Cash Gifting $100 Anyone Can Afford This Cash Gifting Deal