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Gift from Father to his Long married daughter

SATHYANARAYANA DONDETI (Academics) (36 Points)

24 September 2007

My father-in-law wants to gift about 4 lakhs to my wife (married since 1985). My wife is a house wife and has a PAN card of her own. I read in Hindu Business line (August 13, 2007) that cash gift received from blood relatives are exempt from any tax irrespective of the amount. Please clarify.

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11 Replies

CA.Saibaburao Nanduri (Chartered Accountant) (3847 Points)
Replied 25 September 2007

THE GIFT FROM FATHER TO DAUGHTER --even married daughter--IS TOTALLY EXEMPT..!!

Late CA Sampat Jain (Chartered Accountant) (4772 Points)
Replied 25 September 2007

I agree

CMA Gul S (Program Manager) (5910 Points)
Replied 25 September 2007

Since the relation is Blood relation this Gift is Totally Exempt from Taxes

Ravikumar.G (Consultant) (18525 Points)
Replied 25 September 2007

If it is proximity of blood (Relations) that loan can be treated as Gift. Eventhough it is from outside parties that should not exceed more than 50k Only applicable to Individual and HUF Any sum of money,aggregate value of which exceeds Rs.50,000 /- is received during the previous year wothout consideration, by an Individual or a HUF from any persons on or after 01.04.06 then the whole of the aggregate of such sum will be taxable.

CA Mohit Kumar Tyagi (AM - Finance) (164 Points)
Replied 25 September 2007

Q.Don't bring IT department between Father and Daughter. Therefore it is Exempt.

(Guest)

Not liable to tax

(Guest)

Not liable to tax

CMA Gul S (Program Manager) (5910 Points)
Replied 25 September 2007

Hi Mohit, Thats a god answer, unncessary IT Department is not to be invited \, too good

(Guest)

What is the tax implication of a father gifting 5 Lakhs to his daughter at the time of marriage?

RAJ KUMAR PALIWAL (PROP) (21 Points)
Replied 18 August 2011

My father-in-law(senier citizen) wants to gift about 3 lakhs to my wife (married 1999). My wife is a house wife and has a PAN card of her own. I read in News Paper that cheque gift received from blood relatives are exempt from any tax irrespective of the amount. & Please clarify.

Raj Jangam (Chartered Accountant) (64 Points)
Replied 22 March 2017

What if i have gifted shares to my married daughter which later on she sold & earned LTCG without paying STT will the gain be taxed in her hands or the father's???