Gift tax

This query is : Resolved

K N Rao (Querist)
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26 January 2015 Can a mother gift immovable property obtained through WILL from her husband to her son as out of love and effection without any tax implications???

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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26 January 2015 No tax implication. Exempt from Tax.

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi)

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