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However, the said Act has been abolished and from FY 2004–05, a new provision was inserted in the Income Tax Act (1961) under section 56 (2) which provides that if the gift is received by an individual or Hindu undivided family from any relatives or blood relatives or at the time of marriage or as inheritance or in contemplation of death, it ...
A gift tax, known originally as inheritance tax, is a tax imposed on the transfer of ownership of property during the giver's life. The United States Internal Revenue Service says that a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."
Likewise, relative of a senior citizen is also bound to look after the senior citizen. If such children or relative is not maintaining his parents or senior citizen respectively, then the parents/senior citizen can seek the assistance of Tribunal constituted under this Act, to enforce the remedy of maintenance.
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A further trap awaits the unwary U.S. investor who donates depreciated assets – assets on which there have been losses in value – to charity. The gift actually forfeit the tax deductibility of the capital losses, and only the depreciated (low) market value at the time of the gift is allowed to be deducted, rather than the higher basis.
As per the Gift Tax Act 1958, gift (in the form of cash, draft, check or others) is an excess of Rs. 50,000/- received from one who doesn’t have any blood relations with the donee, were taxable. However, from 1 October 1998, Gift Tax [3] got demolished and all the gifts made on or after that date were Tax-free. But in 2004, the Gift Tax Act ...
While gifts are typically exempt from gross income under U.S. federal income tax law, this is not usually so for gifts received from employers. Under Internal Revenue Code section 102(c), gifts transferred by or for an employer to, or for the benefit of, an employee, cannot generally be excluded from gross income. [1]
1.4 million children ages 8 to 18 provide care for an adult relative; 72% are caring for a parent or grandparent. Fortunately, most are not the sole caregiver. [ 8 ] 30% of family caregivers caring for seniors are themselves aged 65 or over; another 15% are between the ages of 45 and 54.