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Discussion > Income Tax >

Gift from Father to his Long married daughter

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Academics

[ Scorecard : 36]
Posted On 24 September 2007 at 23:26 Report Abuse

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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CA.Saibaburao Nanduri
Chartered Accountant

[ Scorecard : 3847]
Posted On 25 September 2007 at 09:10

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




Late CA Sampat Jain
Chartered Accountant

[ Scorecard : 4717]
Posted On 25 September 2007 at 11:09

I agree



Gul
Finance Functional Manager

[ Scorecard : 5266]
Posted On 25 September 2007 at 12:50

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



Ravikumar.G
Consultant

[ Scorecard : 18395]
Posted On 25 September 2007 at 13:12

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

[ Scorecard : 154]
Posted On 25 September 2007 at 16:23

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



(Guest)
Posted On 25 September 2007 at 19:06

Not liable to tax



(Guest)
Posted On 25 September 2007 at 19:07

Not liable to tax



Gul
Finance Functional Manager

[ Scorecard : 5266]
Posted On 25 September 2007 at 20:56

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



(Guest)
Posted On 14 October 2008 at 19:52

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



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