Gift tax

This query is : Resolved

Amit (Querist)
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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.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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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.

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