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Gift Tax

This query is : Resolved 
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(Querist)
31 August 2010 Wife of Mr X's Son (bahu) wants to make a cash gift of Rs 5.0 lacs to wife of Mr X's Brother(Chachi -Saas).

Will the transaction be subject to Gift Tax?
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CA.Pujah

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CA.Pujah (Expert)
01 September 2010 gift tax has been abolished long back.

Such gifts come under income from other sources u/s 56(2). Though your chachi saas comes under the defination of "relative", but, if u r assessee...so, if u give her cash, she would be paying tax, but if she gives you cash you will not be paying tax.
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