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Now, that the Gift Tax Act, how much discount on boxing day 1958 is abolished, the clubbing provisions would be applicable to gifts of movable properties in J K also.
For the purpose of this law, a relative is: Your spouse, your brother or sister.
For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate.The latter shall prevail.NRIs can gift any amount to a person who qualifies as a relative and walmart gift card balance visa debit such gifts would be tax free.Indian copyright ACT, 1957, jan Lokpal Bill, tHE factories ACT, 1948.If you are going to pay a sum substantially less than the state governments rate, you as a buyer will be liable to tax.Remember that the new law applies to movable or immovable property that has been purchased with inadequate compensation.If you give a gift to your spouse, it will be tax free in their hands.Gift of money to cover black money.NRI Related Laws The Emigration Act, 1983 The Foreign Trade (Development and Regulation) Act, 1992 The Foreign Marriage Act, 1969 The Foreign Exchange Maintenance Act, 1999 The Child Marriage Restraint Act, 1929 Media Laws The Cable Television Networks (Regulation) Ordinance Act, 1995 The Cinematograph Act.The Prevention of Money Laundering (Amendment) Act, 2012.Alphabatically Environmental Laws Air (Prevention and Control of Pollution) Act, 1981 Ancient Monuments and Archaeological Sites and Remains Act, 1958 Ancient Monuments and Archaeological Sites and Remains (Amendment and Validation) Act, 2010 Coal Mines (Conservation Development) Act, 1974 Energy Conservation Act, 2001 Environment (Protection) Act.THE companies ACT, 2013, tHE drugs AND cosmetics ACT, 1940.Alphabatically Property Laws Indian Easements Act, 1882 Land Acquisition Act, 1894 Transfer of Property Act, 1882 Urban land (Ceiling and Regulation) Act, 1976 More Property Laws More Acts, Rules, Regulations, Orders etc.Cash gifts up.
The Sale of Goods Act, 1930.
Wealth tax on gifted property in India.