Regarding taxability of gift.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 March 2013
Gift made by dougher-in-law to father-in-law Rs. 500000/- in cash on several date for construction of house building which is in the name of father-in-law. Is there any taxability. House buildig is self occupied. Please let me know.
Pankaj Joshi
(Expert)
04 March 2013
The definition of Relatives includes spouse of any lineal ascendant or descendant and therefore Rs.500000/- is not taxable in the hands of father-in-law. But there is a doubt that whether Gift should be in cash or through account payee cheque or account payee demand draft. Please wait for reply from other experts. Gift deed must be executed in case of such gifts.
Dhirajlal Rambhia
(Expert)
16 August 2023
Gift should be by any banking channel.
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