Gift tax on transfer of property
This query is : Resolved
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.
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.
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.
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).
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
