Gift from Father to his Long married daughter


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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Chartered Accountant

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

I agree
 
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Program Manager

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

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

Not liable to tax
 
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(Guest)

Not liable to tax
 
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Program Manager

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

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

 
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