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Gift tax

This query is : Resolved 

Can I gift cash to son in law to pay housing loan he has availed from Bank @ 9%. Will I incur any tax liability in future for interest I would have earned on amount say 5lakhs gifted? I am aged 77 yrs ,widower earning pension & interest on savings staying with daughter.

Cash gift limited to less than 2 lacs. Gift through bank. Interest on gift amount not taxable in your hands.

Thanks for reply. I understand by cheque I can gift 5lakhs to my son in law and interest on housing loan saved by son in law is not added to my income as would be income.Kindly confirm and oblige.

Yes, you can gift 5 lacs through cheque and interst saving will not be added to your income.

Thanks for lucid reply. Thanks again.



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