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Gift

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(Querist)
28 April 2015 Can my wife take Rs 2 lakh as a gift from his father/mother (senior citizens, gross income less than 3 lakh and not filing return) by cheque at any time or at an ocassion. Is the gift deed necessary. Can she use this money to make part prepayment of her homeloan? Is there any tax liability? Pl guide
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Deepti Asawa

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Deepti Asawa (Expert)
28 April 2015 Yes, your wife can take gift from her parents. Gift deed not necessary but it is advisable to prepare gift deed for future reference of Money transaction. She can use this money for home loan prepayment. No there is no any tax liablity on gift received from parents.
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