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cash gift
would there be any penalty or any consequences if a cash gift is made to a relative please tell solution for both person giving gift and receiving gift ??
Replies (1)
No penalty on cash gift to relatives. The recipient of the gifts whether in cash or in kind is not subjected to any type of tax especially when such gifts are received from blood relations.
However, in some cases clubbing provision under section 64 of income tax will applicable on the income earned from such gift in the hands donor.
For example
As per the provisions contained in section 64 of the Income TaxAct, 1961, in case any amount is received by a married lady from her husband or from her father-in-law or from her mother-in-law, then the income from such gifted amount will be treated as income of the donor.
However, in some cases clubbing provision under section 64 of income tax will applicable on the income earned from such gift in the hands donor.
For example
As per the provisions contained in section 64 of the Income TaxAct, 1961, in case any amount is received by a married lady from her husband or from her father-in-law or from her mother-in-law, then the income from such gifted amount will be treated as income of the donor.
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