Gift tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 June 2012 MY FRIEND RECEIVED GIFT OF RS 40L FROM NRI BROTHER.FROM THIS CAN HE GIVE 25L TO HIS BROTHER IN LAW(WIFE'S BROTHER)AS A GIFT?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

17 June 2012 1. Gift of Rs. 40 lakhs is exempt in the hands of the recipient. Further, there is no tax implication in the hands of the donor.

2. Your friend can give gift to the his brother-in-law. There is no tax implication in the hands of your friend.

Further, such gift is exempt in the hands of his brother-in-law.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok