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i wanted to know wether annual exemption is applicable for life tax too or just the death tax?
well on lifetime tax!!! u have to deduct current year’s and previous year’s if available from the transfer value!!
but in question no 43(ii) (HELGA EVANS) in the kaplan kit,they have deducted the annual exemption of 6000..i got confused from there :S
Yes because this is a lifetime gift that becomes chargeable on death. Any gift made during life has the annual exemption deducted if it is still available. If it becomes chargeable as a result of death you start with the figure after the annual exemption . Look at the video for chp 25 in OT notes
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