Gift

K C (Others) (20 Points)

10 May 2007  
I have gifted substantial amount (Rs 2 lakh)  to my aunt (Father's sister).  She is unmarried and has no source of income.    Is there any tax implication on this Gift ?  I found in a financial newspaper that gift to blood relatives including parent's brother/sister are outside the purview of gift tax .  Experts please confirm