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Gift tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 December 2012 My clients brothers wife i.e.sister in law wants to gift him Rs.5 Lacs.Is the amount taxable or not.If taxable what will be the rate of tax & taxable under which head.Please specify.
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
10 December 2012 If wife of your brothers gifts you any amount, the same is not taxable in the hands of the recepient.

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