Gift.
This query is : Open
07 January 2013
1. Can a person gift cash of Rs 2 lakhs to his brother's wife ?
2. Can a lady gift cash of Rs 2 lakhs to her son's wife ?
- Ramesh.
2. Can a lady gift cash of Rs 2 lakhs to her son's wife ?
- Ramesh.
K Srinivas, CMA CS
(Expert)
08 January 2013
In both scenarios, the beneficiary comes under the definition of relative. So, no taxability arises
09 January 2013
As per definition of relative, it is OK. But some CAs are of the opinion, that it is not advisable to gift in both the above circumstances. Still not convinced for sure.
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