Gift to blood relation
This query is : Resolved
Snehashish Ghosh
(Querist)
09 January 2018
From my tax paid income, I want to gift Rs 2.5 Lakhs (250000/-) by CHEQUE to my married sister (blood relation – sagi bahan in hindi). She does not have any other income being a housewife.
1. Is it correct that she does not have to pay any tax on the money ?
2. Will a gift deed be needed ?
3. If she invests the money in fixed deposits this year, will the interest on the fixed deposit be treated as her income or my income (clubbing?) ? next financial year ?
1. Is it correct that she does not have to pay any tax on the money ?
2. Will a gift deed be needed ?
3. If she invests the money in fixed deposits this year, will the interest on the fixed deposit be treated as her income or my income (clubbing?) ? next financial year ?
CA R SEETHARAMAN
(Expert)
09 January 2018
1 yes you are right she need not pay any tax.
2 Gift deed not required being cheque payment.
3 Interest on fixed deposit will be treated as her income.
2 Gift deed not required being cheque payment.
3 Interest on fixed deposit will be treated as her income.
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