Gift from blood relations

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 November 2015 Pl clarify what falls under free of tax liablity.

1. Nephew gifting 10 lacs to aunt (wife of father's brother)
2. Daughter gifting 5 lacs to father.
3. Can a property be gifted?
4. Is there any limit to the amount of gift.
5. What documentation is required?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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17 November 2015 1. Though chacha/chachi tau/tai can gift reciprocal is not allowed so nephew can gift only upto Rs. 50000/- to aunt.

2. There is no problem in this case.

3. Yes but only through a registered gift deed.

4. Rs. 50000/- in case of non relatives and no limit in case of relatives.

5. Gift deed optional in case of gift of movable property and compulsory in case of immovable property.

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Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2015 I thank you Mr Abhishek Goyal for a comprehensive and valuable insight.

However, request you to reaffirm in case of nephew gifting aunt.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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20 November 2015 Yes I reaffirm in case of nephew gifting aunt.

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2015 Thank you Mr. Abhishek Goyal. Request you to clarify the following:

1. Daughter receiving gift from father’s cousin sister.
2. Son/Daughter receiving gift from cousin brother/sister.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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24 November 2015 Both are tricky cases since definition of relatives includes brother and sister but certainly not cousin brother/sister therefore maximum amount which can be availed of as gift from these persons are Rs. 50,000/- whether cash or kind.

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