Easy Office
LCI Learning

Gift Tax

This query is : Resolved 

31 August 2010 Wife of Mr X's Son (bahu) wants to make a cash gift of Rs 5.0 lacs to wife of Mr X's Brother(Chachi -Saas).

Will the transaction be subject to Gift Tax?


01 September 2010 gift tax has been abolished long back.

Such gifts come under income from other sources u/s 56(2). Though your chachi saas comes under the defination of "relative", but, if u r assessee...so, if u give her cash, she would be paying tax, but if she gives you cash you will not be paying tax.



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

CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries




Answer Query