Can My Husband Gift Cash To My Elder Brother?

1047 views 7 replies

sga

programmer

25 Points Posted on 27 June 2011

Hello,

Iam the yougest of four childern to my parents. I have two elder brothers and one elder sister. Iam married and both of elder brothers were married after I got married. My sister is single.

My question is,

1) Can my Husband (Doner) make a Gift Cash to my elders brothers during their wedding.?

2) If yes, do my brothers (Donee) have to pay any income tax on this cash which is received as Gift from Brother-in_law (Doner) ?

3) Do we (Donor) need to maintain any documentary evidence for this.? If Yes, do we need a witness?

4) What is the amount restricted towards this kind of cash gifts given as wedding gift.?

5) Do they (Donee) need to show documentary evidence to show that the amount received was used for so and so purpose?

Please advise.

Thanks,

Replies (7)

Guest

No restriction give as much cash as you want. No income tax provisions are attracted.

But do make a gift deed. Advisable

Congratualtions for wedding

Vikas

1135 Points Posted on 27 June 2011

Gifts recd in marriages are exempt under sec.56(vi).

You are expected to have the records of the gifts from the persons from whom you have recd and if insisted by the department you should be able to show the evidence i.e., the records, gift deed or the confirmation from the donor.

sga

programmer

25 Points Posted on 28 June 2011

I have another doubt. If an employee receives an amount as bonus every year from his employer, is the amount taxable to the employee or not? and for what amount is it not taxable OR taxable?