Gift tax
This query is : Resolved
21 September 2015
Sir
What will be the tax liability at either part if i buy commercial property with the following case:
1. i accept gift check of Rs. 6 Lacs from wife and father.
2. I accept gift check of Rs. 2lacs from sister and return her as gift cheque after three four years.
What will be the tax liability at either part if i buy commercial property with the following case:
1. i accept gift check of Rs. 6 Lacs from wife and father.
2. I accept gift check of Rs. 2lacs from sister and return her as gift cheque after three four years.
22 September 2015
In both options there will be no gift tax liability in your hands as all come under relative. But in option 1 if you take gift from wife than any income you derive from commercial property such as rent etc will be clubbed in your wife's hands. This is known as clubbing provisions.
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