Question

12.
Smt. Laxmi reports the following transactions to you:
(0) Received cash gifts on the occasion of her marriage on 18-7-2019 of
21,20,000. It includes gift of $20,000 received from non-relatives.
(ii) On 1-8-2019, being her birthday, she received a gift by means of
cheque from her mother's maternal uncle, the amount being 40,000.
(iii) On 1-12-2019 she acquired a vacant site from her friend for 1,05,000.
The State stamp valuation authority fixed the value of site at 1,80,000
for stamp duty purpose.
(iv) she brought 100 equity shares of a listed company from another friend for 60,000.the value of shares in the stock exchange on the date of purchase was 1,15,000​

Answer 1

Answer:

A gift must be quite substantial before the IRS takes notice before you have to pay gift tax. ... Either way, do you need to worry about paying tax on your gift? ... Some transfers of money are never considered to be gifts, no matter the amount. ... For example, say someone gives you $20,000 in one year, and you and the giver .

Step-by-step explanation:

Answer 2

Step-by-step explanation:

i. Exempt

ii.Exempt

iii.75000

iv.115000-60000=55000

75000+55000

=130000