ENTREPRENEURIAL PLANNING
FINANCIAL PLANNING AND ANALYSIS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A gift tax is based on the value of a person’s property at death.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -Taxable Value of the Gift The difference between the Stamp Duty Value and the purchase price of the gifted property is taxable. Example: If the Stamp Duty Value of the gifted property is ₹2 lakh and the purchase price is ₹1 lakh, the taxable amount is ₹1 lakh (2 lakh – 1 lakh). Fair Market Value of the gift.
Detailed explanation-2: -Income tax on gift deed According to income tax laws, the value of all the gifts received by a person during a year is fully exempt, as long as the total of such gifts does not exceed Rs 50, 000 in a year.
There is 1 question to complete.