I have few questions related to Gift tax. Need help from experts.
1. does money gift from father to daughter has tax liabilities [ either gift or income]? 2. Is there a limit on the gift amount for question 2? 3. does money gift from father-in-law to son-in-law has tax liabilities [ either gist or income]? 4. Is there a limit on the gift amount for question 3? 5. What legal documentaion is required for such a transaction?
05 October 2011
In all the cases no tax consequences in the hands of father/daughter/FIL/SIL No limit in either case write a gift deed and make payment by cheque
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