Car gift worth 9 lakh from father in law before marriage

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Prashant Kumar Gupta

Prashant Kumar Gupta (Querist)
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10 November 2016 I am gonna receive car as a gift from father in law please tell me income tax liabilities

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 November 2016 Exempted from income tax as it will be treated as marriage gift.

Prashant Kumar Gupta

Prashant Kumar Gupta (Querist)
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10 November 2016 is it still a gift as marriage is on 30 nov , and car purchase date is 13 nov..

Prashant Kumar Gupta

Prashant Kumar Gupta (Querist)
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10 November 2016 before marriage I am not in a blood relation with soon to be father in law...

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 November 2016 Yes it will be treated as marriage gift exempted from tax.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 November 2016 Gift before the date of marriage will be considered as marriage gift. Marriage gift from non relatives also exempted without any limit.

Prashant Kumar Gupta

Prashant Kumar Gupta (Querist)
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10 November 2016 what will be the procedure and way to declare this to income tax dept.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 November 2016 On or after the the date of marriage draft a gift deed stating that you gifted a car of worth 9 lacs on the occasion of marriage, in plain paper/Rs.100 stamp paper and signed by witness give it to your son in law. Let him file the income tax return and disclose the value of gifts in the return under exempted income.

Prashant Kumar Gupta

Prashant Kumar Gupta (Querist)
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10 November 2016 in which part gift to be declare in return?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 November 2016 Under exempted income.

Prashant Kumar Gupta

Prashant Kumar Gupta (Querist)
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14 November 2016 sir plan is changed now My father in law wants to give car of 6 lakh as a gift and rest 3 lakh in cash ,plz u tell me about income tax liabilities of this 3 lakh..and how to receive it?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 November 2016 You can receive it as cash mention cash gift in the gift deed. No tax liability.

Prashant Kumar Gupta

Prashant Kumar Gupta (Querist)
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14 November 2016 can I receive through online transfer to my account

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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14 November 2016 Yes online transfer can be made.

Prashant Kumar Gupta

Prashant Kumar Gupta (Querist)
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14 November 2016 thanks sir

Prashant Kumar Gupta

Prashant Kumar Gupta (Querist)
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18 November 2016 Sir The showroom guy is saying that he can't take all the money in his account from my father in law account..can I have receive all this 9 lakh into my online account and then transfer it to showroom account.

Prashant Kumar Gupta

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18 November 2016 In current scenario of our PM modi instructions...