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In economics, a gift tax is the tax on money or property that one living person or corporate entity gives to another. [1] A gift tax is a type of transfer tax that is imposed when someone gives something of value to someone else. The transfer must be gratuitous or the receiving party must pay a lesser amount than the item's full value to be ...
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 was again renewed partially, and a new provision was inaugurated in the Income Tax Act 1961 under Section 56 (2). According to Gift Tax Act, 1961 the gifts received by any individual or HUF more ...
The capital gains tax structure has also undergone changes: Short-Term Capital Gains (STCG): The tax rate on short-term capital gains from shares, mutual funds, and real estate has been increased from 15% to 20%. [9] Long-Term Capital Gains (LTCG): The tax rate on long-term capital gains has been set at 12.5%. Additionally, the exemption limit ...
This is also adjusted annually and in 2025, the lifetime gift tax exemption increased to $13.99 million from $13.61 million in 2024. ... The gift tax limit for 2024 was $18,000. The gift tax limit ...
The gift tax imposes a tax on large gifts, ... suppose you gifted $25,000 to a family member in 2024. Your excess gift is $7,000 for that year, or $25,000 minus the $18,000 annual exclusion ...
For high-net-worth individuals, the estate and gift tax exemptions need to be navigated carefully, especially now that these limitations are due to sunset at the end of 2025. See: Top 7 Countries ...
The 2024 Interim-Union Budget of India [1] provides comprehensive information regarding the projected revenue and government spending for the fiscal year 2024–25, commencing on 1 April 2024 and concluding on 31st March 2025. [2] [3] [4]
India has abolished multiple taxes with passage of time and imposed new ones. A few of these taxes include inheritance tax, [5] interest tax, gift tax, wealth tax, etc. Wealth Tax Act, 1957 was repealed in the year 2015. [6] Direct Taxes in India were governed by two major legislations, Income Tax Act, 1961 and Wealth Tax Act, 1957.