monetory gift to married sister

This query is : Resolved

Tarun Goel (Querist)
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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?

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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10 April 2009 no its not taxable as its given on marriage

CA.Tarun Maheshwari

CA.Tarun Maheshwari (Expert)
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10 April 2009 Not Taxable.

Deepak Ladda

Deepak Ladda (Expert)
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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

parthasarathy

parthasarathy (Expert)
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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

parthasarathy

parthasarathy (Expert)
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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.

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