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Gift tax on transfer of property

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(Querist)
07 February 2012 Can Nanad(Husband's Sister) transfer property to her bhabhi(brother's wife) without involving gift tax. Also, if there is any Tax involved what is the rate of the same? Which are other relations where no tax is levied on gifting property.
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CMA Ashutosh Kumar Gupta

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CMA Ashutosh Kumar Gupta (Expert)
08 February 2012 In view of the explanation provided in the Act under Sec56, relative carries the term: brother or sister of the spouse of the individual HENCE it may be assumed that relationship may also exist vice a versa as from the angle of BHABHI, an individual, the SISTER (NANAD) of her husband is the sister of spouse.
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CMA Ashutosh Kumar Gupta

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CMA Ashutosh Kumar Gupta (Expert)
08 February 2012 In view of the explanation provided in the Act under Sec56, relative carries the term: brother or sister of the spouse of the individual HENCE it may be assumed that relationship may also exist vice a versa as from the angle of BHABHI, an individual, the SISTER (NANAD) of her husband is the sister of spouse.
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Prakash Kochar

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Prakash Kochar (Expert)
09 February 2012 Ashutosh Guptaji's reply is agreed. Sister of the spouse (nanad) is relative as expl. to sect 56(2)(vi), can gift property to Bhabhi without involving tax under Income Tax Act. Relatives for the concerned provisions are given in expl. to sect. 56(2)(vi).
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CA CS CMA Sanjay Kumar Sareen

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CA CS CMA Sanjay Kumar Sareen (Expert)
13 February 2012 THE PRESENT GIFT FROM HUSBAND'S SISTER TO HUSBAND WIFE IS GIFT FROM RELATIVE UNDER IT ACT AND HENCE EXEMPTED FROM TAX.
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