monetory gift to married sister
This query is : Resolved
09 April 2009
Hi Friends,
Can you pls answer me that is monetory gift of Rs 50,000 given to married sister by cheque is taxable. If the answer is Yes, who will liable to tax and on what amount?
Can you pls answer me that is monetory gift of Rs 50,000 given to married sister by cheque is taxable. If the answer is Yes, who will liable to tax and on what amount?
10 April 2009
no its not taxable as its given on marriage
10 April 2009
Not Taxable.
10 April 2009
Even if it is not given on marriage the amount is not taxable as it is given to relative.
Your sister need not pay any Income Tax
Your sister need not pay any Income Tax
13 April 2009
as per the gift tax provisions of i.t act. any amount of gift received from a relative as defined by the Act. is exempt from i.tax.
in your case. your sister received a cash gift from her brother (i.e you), who is a defined relative as per the Act, hence she is not taxable.
her marital status is not relevant for this provision as long as she is your relative
in your case. your sister received a cash gift from her brother (i.e you), who is a defined relative as per the Act, hence she is not taxable.
her marital status is not relevant for this provision as long as she is your relative
13 April 2009
hello... as per the provisions of gift tax as per i.t.act....any amount of gift received from a relative as defined by the act is exempt from tax.
in the given case your sister is a relative as defined by the act, hence her receiveng the gift from you is exempt in her hands...
note. her marital status is not relevant for this provision as long as she is your relative.
in the given case your sister is a relative as defined by the act, hence her receiveng the gift from you is exempt in her hands...
note. her marital status is not relevant for this provision as long as she is your relative.
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