Gift tax

This query is : Resolved

Rohit (Querist)
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21 September 2015 Sir
What will be the tax liability at either part if i buy commercial property with the following case:
1. i accept gift check of Rs. 6 Lacs from wife and father.
2. I accept gift check of Rs. 2lacs from sister and return her as gift cheque after three four years.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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22 September 2015 In both options there will be no gift tax liability in your hands as all come under relative. But in option 1 if you take gift from wife than any income you derive from commercial property such as rent etc will be clubbed in your wife's hands. This is known as clubbing provisions.

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