Gift tax
This query is : Resolved
02 March 2021
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.
02 March 2021
Cash gift limited to less than 2 lacs. Gift through bank. Interest on gift amount not taxable in your hands.
02 March 2021
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.
02 March 2021
Yes, you can gift 5 lacs through cheque and interst saving will not be added to your income.
02 March 2021
Thanks for lucid reply. Thanks again.
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