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Definitions and Exceptions. (1) ?Gift? means a payment, advance, forbearance, or the rendering or deposit of money, services, or anything of value, the value of which exceeds $25.00, as adjusted under section 19a, in any 1-month period, unless consideration of equal or greater value is received therefor.

(2) An agent or employee shall not request or accept a commission, gift, or gratuity, or a promise of a commission, gift, or gratuity, for the agent, employee, or another person or the doing of an act or offer of an act beneficial to the agent, employee, or another person ing to an agreement or understanding ...

Michigan also has no gift tax. The federal gift tax exemption is $16,000 per recipient per year in 2022 and $17,000 in 2023. If you gift more than that in a year to any single person, the amount over the exemption counts against your lifetime gift tax exemption of $12.92 million.

Under section 122 of the Transfer of Property Act, 1882, you can go for gifting a property to a friend. So gifting a house to a friend is definitely possible. You just need to draft a gift deed which involves the steps like: Draft a Gift Deed with the help of a lawyer.

The gift received is not taxable if the donee is a relative as defined in the income tax act, which includes a spouse, siblings, children, linear ascendants and descendants of the donee, etc.In case the shares are gifted to someone other than relatives as mentioned in the Income Tax Act, the same is tax-exempt if the ...

Elements of a Gift: There are three elements necessary to constitute a gift: (i) the donor (settlor) must possess the intent to pass gratuitously title to the donee; (ii) actual or constructive delivery of the property must be made; and (iii) the donee must accept the gift.