Gift from blood relations

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 November 2015 Pl clarify what falls under free of tax liablity.

1. Nephew gifting 10 lacs to aunt (wife of father's brother)
2. Daughter gifting 5 lacs to father.
3. Can a property be gifted?
4. Is there any limit to the amount of gift.
5. What documentation is required?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

17 November 2015 1. Though chacha/chachi tau/tai can gift reciprocal is not allowed so nephew can gift only upto Rs. 50000/- to aunt.

2. There is no problem in this case.

3. Yes but only through a registered gift deed.

4. Rs. 50000/- in case of non relatives and no limit in case of relatives.

5. Gift deed optional in case of gift of movable property and compulsory in case of immovable property.

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Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2015 I thank you Mr Abhishek Goyal for a comprehensive and valuable insight.

However, request you to reaffirm in case of nephew gifting aunt.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

20 November 2015 Yes I reaffirm in case of nephew gifting aunt.

Querist : Anonymous

Querist : Anonymous (Querist)

24 November 2015 Thank you Mr. Abhishek Goyal. Request you to clarify the following:

1. Daughter receiving gift from father’s cousin sister.
2. Son/Daughter receiving gift from cousin brother/sister.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)

24 November 2015 Both are tricky cases since definition of relatives includes brother and sister but certainly not cousin brother/sister therefore maximum amount which can be availed of as gift from these persons are Rs. 50,000/- whether cash or kind.

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