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Gift tax

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Querist : Anonymous

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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?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
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.
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