Gift tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 December 2012
My clients brothers wife i.e.sister in law wants to gift him Rs.5 Lacs.Is the amount taxable or not.If taxable what will be the rate of tax & taxable under which head.Please specify.
CA Ashwani Agarwal
(Expert)
10 December 2012
If wife of your brothers gifts you any amount, the same is not taxable in the hands of the recepient.
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