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Gift tax query?
Replies (6)
Any gift received in wedding is exempt from Income Tax, also there is no timr limit prescribed to deposit any cash gift in bank account.
Gifts received by individual on occasion of his/her marriage is exempt from income tax as per section 56(2)(vii). There is no requirement that such amount should be deposited in a bank account within a specified period.
But The cash gift amount i had deposited directly in my parents Joint account in Bank, then again move it to my bank acount, will that attract any tax liability to my parents?? they have never submitted an IT return since thair income was always below 2.5 lacs and cash gift is of 6.5 lacs.
Thanks,
Chaitanya
Donor should be in position to explain the source of the Gift amount, specifically cash.
Reasonable time limit, practically/satisfactorily explainable/digestible!!
Gifting the money to relative is exempt from income tax but considering the amount of gift you should be in a position to explain the source of such gift to the department if asked for during assessment or scrutiny or something as said by Dhirajlal sir in the comment above.
Sir,
It is regarding Gift tax in India. I would like to gift some amount to my Mother-in-law. If she in turn gifts the same amount to my Wife, whether I should consider clubbing of income. Please reply.
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