Dear Sir,
My father in law wants to give gift of Rs. 15 lacs to my wife. Will there be any gift tax involved and if so who has to pay the gift tax.
Regards
Prashant
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gift tax
Replies (3)
Hie, gift tax has been abolished...and there will be no income tax as well coz here the gift is given to a relative...so no taxes...
regards.!!
is there any special formalities or form to be filled while claiming gift tax exemption. my wife is taking Rs. 15 lac from her father as gift.
Prepare a gift deed.
If your wife invests this amount, and she earns some income out of it, this income shall be chargeable to your father-in-law.
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