Is the tax payable for marriage gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 November 2016
My father-in-law gave my wife's money(marriage gift) (10 Lac) to other person for intrest in 2013. Since then they didn't pay any single rupee and now they are ready to give money with intrest. They are asking for bank details to transfer the money. Now can i accept this proposal to receive the money to my wife bank account..and if so, will she need to pay any tax for that money. Please advice...thanks in advance.
20 November 2016
Marriage gift is exempted from tax. Interest received on the amount is taxable in the hands of your wife.
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