I have received Equity Shares as Gift in 2006-07. What would be my Tax Liability ?
there is no tax liability to for u. According to income tax act gift is complete taxfree either in the hand of receiver or in hand of given but gift should not be given for eviasion for the tax otherwise it will deemed to be taxable in the hand of giver. in addition gift tax has been oblished from 1 september 1998 new gift is complete taxfree
Gift from non-relative for more than 25000 is taxable, but the gift which you received is non-cash, HENCE, GIFT IN KIND IS STILL EXEMPT IRRESPECTIVE OF THE VALUE OF GIFT.
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