Gift Tax Interview Questions & Answers

Below we have listed all the Gift Tax Interview Questions and answers. Feel free to comment on any Gift Tax Interview Questions or answer by the comment feature available on the page.

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If you receive gift from someone it is clubbed with your income and you need to pay tax on it. This tax is called as gift tax. This tax is applicable if gift amount or value is more than 50000 Rs/- in a year. The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether the donor intends the transfer to be a gift or not. The gift tax applies to the transfer by gift of any property.