IT Café Online

I have submitted Form 15G/15H for two separate FDs in SBI and ICICI at the start of current financial year, which I want to withdraw now, as my income has increased recently. But both banks have informed me that Form 15G/15H cannot be withdrawn once submitted. Shall I start paying more tax out of my salary income? Alternatively, suggest other remedial steps.

What are the recent changes in the Income Tax rules with respect to gift tax?

The Income Tax Act 1961 has been amended with effect from October 1, 2009 to provide that any gift-in-kind, being an immovable property or any other property, the value of which exceeds Rs.50,000, will become taxable in the hands of the doanee, being an individual or HUF.

Therefore, any such person who receives a gift of any such property on or after October 1, 2009 must pay the income tax due on the value of the gift and disclose the taxable value of such property in the return of income for assessment year 2010-11 and subsequent years. ...