Applicability of gift deed & tax implication.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
31 December 2014
My father in law has gifted a sum of Rs. 6 Lacs to his daughter i.e. my wife by depositing both cash & cheque in her savings bank account after marriage.As I am currently investing in an under construction property jointly with my wife, the gifted amount was used by my wife to finance one of the payment installments. Kindly advise on the requirement of a notarised/plain gift deed and any tax implication.
01 January 2015
Gift received from father in law will not be taxable in the hands of daughter in law and no clubbing provisions will be applicable in the hands of father in law since no income was generated by daughter in law out of such gifted amount. Gift deed is not mandatory but better to make a gift deed so as to authenticate the transaction.
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