Tag Archives: gift tax

List of Taxes Levied by the Indian Government

Direct Tax, Gift Tax, Income Tax! Confused about the taxes you pay every year? Don’t worry we are here to help you understand the different taxes levied by our government.

Gift Tax – The new rules

The gifts received in the names of one’s minor children will be clubbed with the parents’ income for taxation purpose. Also the taxman is very alert in saying that, in case of both parents having income, clubbing will be done with that parent who is earning more. So one cannot hide under the cover of… Read More »

Gift Tax – The latest change in rules

The change in the rule related to gifts says that the receiver has to pay tax for receiving any gift valued at Rs.50,000 and more. The ‘any gift’ clause means that not only cash but all gifts of any value. So if someone receives a gift of a house worth Rs.30 lakhs, then he/she is… Read More »