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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 ...
Gifts like those to commemorate one's retirement of service or reward years of service are not subject to the gift tax. Transfers between spouses are exempt from gift tax in the US if the donee spouse is a U.S. citizen. Otherwise, there is a limit on the tax-exempt transfer.
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 Wealth Tax Act, 1957 was repealed in the year 2015.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.
The gift tax is any taxes owed on the gifts you have given. As the giver, you would owe the tax to the IRS and have to fill out a tax form. ... ($38,000 to each kid) in a single year and not ...
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Even if couples file jointly, the gift tax exclusion applies to each partner separately. This means you can donate up to $15,000 in gifts per spouse per recipient. As a married couple, this ...
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