Gift to Daughter in Law

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Self
24 Points Posted on 20 January 2011

My daughter in law has bought a flat for herself.  I have given 8 Lacs Rs as gift to my daughter in law.  The fat is rented and she is getting 10,000 Rs rent.  I have signed a letter saying "Its a gift from my free will".  I am certain this is exempt under provision 56.  Do I need to do anything else?  I am hoping she doesn't need to pay any tax on the gift.

In addition, my daughter in law has borrowed 1 Lakh from her friend who has given a cheque from her business.  She was supposed to pay it back before 31st March otherwise, her friend will have to pay TDS on it.  Can somebody please explain, what will happen if this is not paid before 31st March and how much TDS her friend will have to pay?

Thanks for your help.

Sanjay

 

 

 

 

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On 20 January 2011 at 20:07 Report
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Practicing Chartered Accountant
67 Points Posted on 20 January 2011

For your first query for gift to daughter in law, its exempt as she falls in category of relatives.As the amount is not invested in business/firm, clubbing provisions u/s 64(1)(vi) are also not applicable.

 

As reagards ur second query, its just a baseless statement & has nothing to do with TDS.

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On 20 January 2011 at 21:21

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