Gift of money

This query is : Resolved

P.C. Joshi (Querist)
Follow

27 September 2016 Dear Friends,

Can anyone please share their expertise with the following query:

Ms A wanted to make a gift of Rs 8 lacs to her sister Ms B for some exigency faced by B. On the date of transfer A did not have suffcient money in her account. hence, the funds were transferred by A's husband C to B's account.

Can it be treated a valid gift made by A to B.
Or the gift deed can be made showing a gift by C to B.

What will be the tax liability of above trasaction to A, B and C.

An early response by anyone will be highly appreciated.

Thanks

P.C. Joshi

CA SAGAR M. AHUJA

CA SAGAR M. AHUJA (Expert)
Follow

27 September 2016 Sister's Husband is covered under the term "Relative" hence, any gift received from them by other sister is exempt in income tax act so you can show the gift given by C to B and it is not taxable and you can made the gift deed for the same.
Thanks.

P.C. Joshi

P.C. Joshi (Querist)
Follow

27 September 2016 Thanks for replying.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

B.K.RAJANDHERAAN

Shameem ahmed

Ajinkya Deshpande

Jai Solanki

seshachary

Subscribe Now

Gift of money

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

CA Final

Accountant

GST CONSULTANT

GST CONSULTANCY

Senior Executive