Can a father-in-law gift to his daughter-in-law?
whether such gift is exempt?
whether such gift comes under clubbing provisions?
How to compute the same for tax purposes?
Please guide me...
Thanks in anticipation.
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Can a father-in-law gift to his daughter-in-law?
Replies (3)
No, this gift shall be tax-free in the hands of the daughter-in-law.
Clubbing provision will apply. If she earns some returns from this gift, the return shall be taxable in the hands of the father-in-law.
Documenting this gift is necessary.
| Originally posted by : Mihir | ||
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No, this gift shall be tax-free in the hands of the daughter-in-law. Clubbing provision will apply. If she earns some returns from this gift, the return shall be taxable in the hands of the father-in-law. Documenting this gift is necessary. |
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Agree with Mihir. Section 64 provisions will apply.
Scnario: Q1 Father in law demises after gifting and the property isnow sold by the gift reciepient( ie the daughter in law ) , where will the long term capital gains be assessed.
Q2 : Can the Dagher in aw further gift the property after demise . Which tax will be applicable then
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