Gift tax
This query is : Resolved
Yogesh Karmavat
(Querist)
27 January 2013
Sir
can i gift to my wife son daughter and daughter-in-law if so than upto what amount is not taxable to be
can i gift to my wife son daughter and daughter-in-law if so than upto what amount is not taxable to be
HUZAIFA HUSSAIN
(Expert)
27 January 2013
Any amount of gifts to the relatives, as defined in income tax act, are not taxable.
However, if any income arises on such gifts to the relatives than such income is clubbed with your income for tax purpose.
However, if any income arises on such gifts to the relatives than such income is clubbed with your income for tax purpose.
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Yogesh Karmavat
(Querist)
28 January 2013
thank you very much
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