Gift tax
This query is : Resolved
02 November 2017
A person proposes to gift to his daughter in law to the tune of Rs 1,00,000/-. Request advise on the tax implication if:
1. The gift is used by the daughter in law for payment of an existing housing loan
2. The amount gifted is invested by the daughter in law in Fixed Deposit/ Bonds etc.
1. The gift is used by the daughter in law for payment of an existing housing loan
2. The amount gifted is invested by the daughter in law in Fixed Deposit/ Bonds etc.
03 November 2017
1. There will be no clubbing of income attracted as the amount invested in repayment of house loan.
2. Amount gifted is invested in FDR/bonds so interest income will be clubbed in the hands of father in law or mother in law who has gifted as the case may be.
2. Amount gifted is invested in FDR/bonds so interest income will be clubbed in the hands of father in law or mother in law who has gifted as the case may be.
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