INTERVIEW QUESTIONS TAX GIFT TAX DETAILS

Question: What qualifies as a Gift under tax laws?

Answer: The original Gift Tax Act had classified certain categories of items that fell under its purview.

The new tax rules for gifts continues to utilize this for identifying taxable and non-taxable monetary receipts and transferred assets.

Definition of gifts:-

Cash or cheque receipts.

Immovable property including land, building, house or flat.

Movable property including vehicles, securities, archaeological collection, bullion, jewellery, antiques, works of art, paintings and sculptures.

The original Gift Tax Act had classified certain categories of items that fell under its purview.

The new tax rules for gifts continues to utilize this for identifying taxable and non-taxable monetary receipts and transferred assets.

Definition of gifts:-

Cash or cheque receipts.

Immovable property including land, building, house or flat.

Movable property including vehicles, securities, archaeological collection, bullion, jewellery, antiques, works of art, paintings and sculptures. Source: CoolInterview.com

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