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 ?
Nikhil Kaushik
(Expert)
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.
CA Pallav Singhania
(Expert)
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...
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