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Gift tax

This query is : Resolved 

14 June 2013 Dear All,

My query is as below:

One NRI is living in Dubai and his wife came to India to purchase prooperty in Mumbai. He wants to transfer fund in his wife saving a\c in Mumbai and from that amount she can purchase the property in her own name. The husband will show this amount as gift. Amount is approx 50 lacs.

Q.: Is there gift tax will attract and what is alternate to save the gift tax?

Regards,

Vishnu

16 June 2013 Gifts from Husband to Wife are exempt from tax as it falls in the definition of Relative

17 June 2013 Thanks a lot...


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