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.
CAclubindia
