Tax on gift to married daughter
This query is : Resolved
12 September 2015
Can anyone please clarify on the issue that whether any tax is charged if any gift is given to married daughter. A lawyer told me that 9% tax is charged. Is it true.
Kindly help
Kindly help
13 September 2015
Gifts are taxable under Section 56(2)(vii) of the Income Tax Act. However this clause is not applicable if gift is given to a relative. Daughter (married or not) is a relative and hence such gift to a married daughter is not taxable in the hand of daughter. No Tax is payable. Gift can be money or movable or immovable property.
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