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About Gift Tax

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(Querist)
17 March 2008 Can you please tell me can father in law gift to daughter in law . is that amount is taxable , in whose hands.
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CA Saurabh Maheshwari

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CA Saurabh Maheshwari (Expert)
17 March 2008 INCOME ARISING FROM SUCH GIFT SHALL REMAIN TAXABLE IN HANDS OF FATHER IN LAW.
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Mandeep Singh

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Mandeep Singh (Expert)
17 March 2008 gift tax is abolished now and if father in law transfer any property to daughter in law without any consideration then income from such asset will be taxable in hands of transferor.
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