GIFT To Daughter-in-law
This query is : Resolved
20 June 2008
Mrs X transfers a sum of Rs 8 lakh to her daughter-in-law without any consideration and this sum is given on loan by daughter-in-law to a third party, whether Mrs X or her dauhter-in-law chargeable to tax? IF yes , then by what amount? Can it be treated as gift from relative and so no tax liability ?
20 June 2008
Hi..
If the sum is gifted during any special occasion or under any will or a gift deed is executed then it is not taxable..
Otherwise the sum of Rs.8 lakh is clubbed with Income of Mrs.X and taxed..
If the sum is gifted during any special occasion or under any will or a gift deed is executed then it is not taxable..
Otherwise the sum of Rs.8 lakh is clubbed with Income of Mrs.X and taxed..
20 June 2008
Mrs X can Tr. in what capicity. if it is gift then it is not taxable because it is covered under the defination of relative u/s 57 . and if it is loan to her daughter- in-law then alos no question of taxability. but loan is with interest then intt. must be taxable income.
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