Gift to brother-in-law - tax or no tax
This query is : Resolved
21 January 2018
From my tax paid income, I want to gift Rs 2.5 Lakhs (250000/-) by CHEQUE to my brother-in-law i.e. husband of my sister by blood (‘sagi bahan ka pati’ in hindi). My brother-in-law does not have any other income this financial year.
1. Is it correct that he does not have to pay any tax on the money ?
2. Will a gift deed be needed ?
3. If he invests the money in fixed deposits or share trading this financial year, will the interest on the fixed deposit or profit from share trading be treated as his income or as my income (clubbing?) ? and next financial year ?
1. Is it correct that he does not have to pay any tax on the money ?
2. Will a gift deed be needed ?
3. If he invests the money in fixed deposits or share trading this financial year, will the interest on the fixed deposit or profit from share trading be treated as his income or as my income (clubbing?) ? and next financial year ?
22 January 2018
1 No tax payable it's correct.
2 Gift deed not required.
3 Interest earned will be treated as his income.
2 Gift deed not required.
3 Interest earned will be treated as his income.
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