Tax on gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 November 2013
( 1 )If my wife receive a gift from my brother. and issue a fixed deposite in bank.
in this case only interest is taxable ?
and brother have any tax liability ?
( 2 ) is there any limit of gift transaction ?
in this case only interest is taxable ?
and brother have any tax liability ?
( 2 ) is there any limit of gift transaction ?
12 November 2013
in the above transaction, the gift is exempt from taxation as it has been received from relative. There is no upper limit for this. Yes, only the interest is taxable.
12 November 2013
Cash gifts received from specified relatives, a local authority or on occasion of marriage or under a will, etc., are not considered taxable.
However, interest earned on such cash gift will be taxed on her hands...
However, interest earned on such cash gift will be taxed on her hands...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Value of property in capital gain
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
