Gift tax

It is not taxable.

It is not Taxable as Gift to relatives is exempt from tax.  "Daughter" comes under the definition of relative. Also it is advisable to make a Gift deed on a simple Rs. 10 Stamp Paper.

Regards,

Devendra K

The above case has to be considered from the point of view of daughter and not mother.

The receiver of the gift needs to pay the tax and not the one who gives gift.

So , in this case , It is not taxable as the gift is received from mother.

it is not taxable                               

also income earned on gift is not clubbed in hand of mother as income of minor, wife, or daughter in law is only clubbed in other hands. income recived by investing gift income is taxable in hand of daugther

There is nothing much to celebrate in case of provisions of GIFT because, the gift amount which you are giving has

already been suffered Income tax and will again suffer income tax when you earn money out of that gift.  The provisions of

Income tax are fun reading exercises. Simply enjoy and apply

Gift will be comes u/s 56 ii(vii) of income tax act 1961  gift made within meaning of Relative is not taxaable

is gigted amount received by minor hands than parents income not clubbed for the same if the parents earn the intrest amount on behalf of the minor gift received the it will b clubbing of income

1. No, Doesn't required to pay any gift tax

2.Gift money neither taxable in sister name and nor clubed income from such money in mother income.

yes it will not be taxable

NO..it is not taxable in the hands of receiver and clubbing provision will not apply

I think it is taxable. Why it is not taxable ?

only gifts in contemplation of death & at the time of marriage are exempt

Gift form relatives is not taxable.

Mr. Karan, your question is  "Why it is not taxable ?"

Ans.. For reference and more detail you see Section 56(2) of Income Tax Act, 1961. this section says, if Gift received from Relative, is always fully exempt from tax.

Relative defination is also given in this section which also includes assessee's Child(if married or unmarried)

Hence in the above case, gift received from Daughter in any manner is fully exempt from Tax.

Note: Clubing Provisions is limited provision and applicable on those person  for which section says.

In above case clubing provision not applicable therefor Income from such Gift is not included in Mother's(assessee's) income.