Gift tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 January 2013 Dear ALL,

I would like to know whether;

1] Can A Son gift via cheque to his mother and

2] Can a Younger brother gift via cheque to his elder brother or to his sister in law

Regards
Anish

Anand

Anand (Expert)
Follow

04 January 2013 Gift can be given by any person to another. There is no law against giving gifts.
I presume, you would like to know about taxability of the gift so given
a) Son gifting via cheque to mother will be exempt in hands of mother since it is a gift to a relative who is a lineal ascendant of the individual

b) Younger brother gifting to elder brother is not taxable in hands of elder brother since it is a gift to a relative who is a brother of the individual

c) Younger brother gifting to sister-in-law i.e wife of brother it is exempt in hands of the sister-in-law since it is a gift to spouse of brother of the individual

Execute a gift deed in all such cases and make sure that person giving gift can prove his wherewithall to make such giftd.

Message likes : 1 times