02 November 2017
A person proposes to gift to his daughter in law to the tune of Rs 1,00,000/-. Request advise on the tax implication if: 1. The gift is used by the daughter in law for payment of an existing housing loan 2. The amount gifted is invested by the daughter in law in Fixed Deposit/ Bonds etc.
03 November 2017
1. There will be no clubbing of income attracted as the amount invested in repayment of house loan. 2. Amount gifted is invested in FDR/bonds so interest income will be clubbed in the hands of father in law or mother in law who has gifted as the case may be.
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