Gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2011 Dear sir

My sister gave a gift of100000 to my wife by account payee cheque
and my wife did not deposit the cheque in her a/c but made a FDR of100000/ By giving the cheque to bank

can any problem arise as per IT act

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)
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12 August 2011 Gift by a girl to her sister in law is exempt so no tax liability.

Just show the income from interest on FDR in the return of your wife and it the Bank deducts any TDS on the same then claim it.

Querist : Anonymous

Querist : Anonymous (Querist)

12 August 2011 thankyou for reply

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