From my tax paid income, I want to gift Rs 2.5 Lakhs (250000/-) by CHEQUE to my brother-in-law i.e. husband of my sister by blood (‘sagi bahan ka pati’ in hindi). My brother-in-law does not have any other income this financial year.
1. Is it correct that he does not have to pay any tax on the money ?
2. Will a gift deed be needed ?
3. If he invests the money in fixed deposits or share trading this financial year, will the interest on the fixed deposit or profit from share trading be treated as his income or as my income (clubbing?) ? and next financial year ?
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Please Help
I AM TRYING TO APPLY REFUND RE ISSUE. BUT THE INCOME TAX NOT ALLOWED TO SELECT THE REFUND REISSUE OPTION THE SCREEN SHOWS THERE IS NO REFUND.
IN THESE CIRCUMSTANCE REVISED RETURN FILING IS ADVISIBLE OR ANY OTHER SOLUTION IS AVAILABLE
PLEASE ADVISE ANY POSSIBLE SOLUTIONS.
REGARDS
S. RAVICHANDRAN
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Gift to brother-in-law - tax or no tax