I want to know is there any tax on any amount of gift.

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 January 2016 Sir,

I want to know is there any tax liabilities on the amount of gift that is given by husband to his wife or father to his son. i.e what amount of gift is exempted from Tax,or whether gift is non taxable.

Ankur Singhal

Ankur Singhal (Expert)

04 January 2016 Dear
Gift from husband to wife are expemted and same in case of gift from father to son.

Exception: In below circumstances, gifts are not taxable even if value is greater than Rs.50000/-.
Gifts received:
i. From Relatives1
ii. On the marriage of individual,
iii. By will or inheritance
iv. In contemplation of Death of payer
v. From local authority
vi. From Charitable Trust registered u/s 12AA
vii. From Any Trust, Foundation etc referred u/s 10(23c).
1 Relatives means
– Spouse of Individual
– Brother & Sister of Individual
– Brother & Sister of Spouse of Individual
– Brother & Sister of either of the parents of Individual
– Any Lineal ascendants or descendants of the individual
-Any Lineal ascendants or descendants of the spouse of the individual.
Below is a comprehensive list of Donors as per definition of relative under I.Tax Act ( Hindi connotation has also been mentioned)
List of Male Donors List of Female Donors
Father (Papa or Pitaji) Mother (Maa or Mummy)
Brother (Bhai) Sister (Bahin)
Son (Beta or Putra) Daughter (Beti or Putri)
Grand Son (Pota or Potra) Grand Daughter (Poti or Potri)
Husband (Pati) Wife (Patni)
Sister’s Husband (Jija) Brother’s Wife (Bhabhi)
Wife’s Brother (Sala) Wife’s Sister (Sali)
Husband’s Brother (Dewar) Husband’s Sister (Nanad)
Mother’s Brother (Mama) Mother’s Sister (Mausi)
Mother’s Sister Husband (Mausa) Wife’s brother’s wife (Sala Heli)
Father’s Brother (Chacha or Tau) Father’s Brother’s Wife (Chachi or Tai)
Father’s Sister’s Husband(Fufa) Father’s Sister (Bua)
Grand Father (Dada, Pardada) Grand Mother (Dadi, Pardadi)
Daughter’s Husband (Jawai) Son’s Wife (Bahu or Putra Vadhu)
Spouse Father (Sasur) Spouse Mother (Sas)
Spouse Grand Father (Dada Sasur) Spouse Grand Mother (DadiSas)
Brother’s Wife (Bhabhi) Mother’s Brother’s Wife (Mami)
Husband’s Brother’s Wife (Devrani or Jithani)

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