Gift Tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 June 2010
My wifes brother stays in U.S. and he wants to send some money to his sister and me as gift whether the gift received by my wife is taxable in her hands and whether the gift received by me is taxable in my hands.
10 June 2010
Yes. Above gifts are exempt from tax. Gift received from relatives are exempt from tax. No limit.
For the purpose of this clause relative means
1. Spouse of the individual.
2. Brother or sister of the individual.
3. Brother or sister of spouse of the individual.
4. Brother or sister of either parents of the individual.
5. Any linear ascendant or descendant of the individual.
6. Any linear ascendant or descendant of the spouse of the individual.
7. Spouse of the persons referred in clauses (ii) to (iv).
Your case falls under category (2) & (3)
For the purpose of this clause relative means
1. Spouse of the individual.
2. Brother or sister of the individual.
3. Brother or sister of spouse of the individual.
4. Brother or sister of either parents of the individual.
5. Any linear ascendant or descendant of the individual.
6. Any linear ascendant or descendant of the spouse of the individual.
7. Spouse of the persons referred in clauses (ii) to (iv).
Your case falls under category (2) & (3)
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