Gift Tax Law
This query is : Resolved
Dhaval A Desai
(Querist)
02 January 2009
I want to give gift to son of my mother Rs.60000/- tax free gift , son of mother is my relatives or not as per definition ?.
2.Spouse of the individual is relative as per definition but if husband give gift to wife Rs.5,00,000/- for reducing his tax liability but if same amount is investing in FDR by wife and income is earning whether same will be added in husband income as per clubbing of income, if it is taxable tax liability of husband not reducing i want to know any provision under the act is there husband can give gift which is not tax for clubbing provision.
Regards Dhaval Desai
2.Spouse of the individual is relative as per definition but if husband give gift to wife Rs.5,00,000/- for reducing his tax liability but if same amount is investing in FDR by wife and income is earning whether same will be added in husband income as per clubbing of income, if it is taxable tax liability of husband not reducing i want to know any provision under the act is there husband can give gift which is not tax for clubbing provision.
Regards Dhaval Desai
CA Sanjeev Kr Jain
(Expert)
08 February 2009
i belive the son of your mother would be your brother and the gift to him shall be exempted u/s. 56. If a person earns intt from the fdr which was made out of the money recd from spouse than clubbing provisions would be applicable and such intt will be added in the hand of the doner
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