Gift tax

No Impact Gift given to relatives(son or daugther -in-law) by father is taxfree. Gifted amount if ivnvested in business then interest thereon whether notional or actual is clubbed is in hand of gift giver

DEAR CHETAN,

1) If a fPERSON gifts some assets to his son's wife (i: Datughter in law) then the income from such assets shall be clubbed in the hands of father..Sec 64(1)(vi)

2) If a PERSON gifts some assets to his son then the income from such assets shall be clubbed in the hands of father or mother (whose total income will be more before clubbing) PROVIDED SON IS MINOR CHILD..IF SON IS NOT A MINOR THEN NO CLUBBING WOULD BE DONE...

3) If a PERSON gifts some assets to his GRANDSON then the income from such assets shall be clubbed in the hands of father( i:e SON) or Mother( i: Daughter in Law) whose total income is morebefore clubbing