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Gift from marriage is it taxable

MEGHA SARA MATHEWS (BDE) (25 Points)

19 May 2015

If a father gifts a DD of above 1 Lakh is it taxable

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7 Replies

CMA Poornima Madhava (CMA) (13097 Points)
Replied 19 May 2015

It is not taxable in the hands of the recipient as father is a relative and gifts from relatives are not taxable

ANIL DHANUKA (Self Employed) (54 Points)
Replied 19 May 2015

Gift Received from Relative Any sum of money or kind received as gift from relatives will not be taxable at all means there is no limit specified for amount (gift) received by relative hence any amount received by relatives is not taxable e.g If your brother gift u Rs 50, 00,000 than it will not be taxable in the hand of recipient (you). Here Relative term include following Relatives Your spouse Your brother or sister Brother or sister of your spouse Brother or sister of either of your parents Any of your lineal ascendants or descendants Any lineal ascendant or descendant of your spouse. Spouse of the persons referred in above points Gift received On occasion of the marriage of the individual. Gift received by any person (without limit) on the occasion of the marriage is tax free in the hand of individual (recipient).

CA. Pratik Kumar Dokania (Professional) (63 Points)
Replied 20 May 2015

My question is with regards to Clubbing. This is because any irrevocable tranesfer without consideration is clubbed in the hand of transferor. Eg: I gift sum of Rs. 50,00,000 to my brother. My brother invested said sum in Shares. Now clubbing Prov. says Inocme/Loss from the said share should be clubbed in my hand.