Gift Tax
This query is : Resolved
31 August 2010
Wife of Mr X's Son (bahu) wants to make a cash gift of Rs 5.0 lacs to wife of Mr X's Brother(Chachi -Saas).
Will the transaction be subject to Gift Tax?
Will the transaction be subject to Gift Tax?
01 September 2010
gift tax has been abolished long back.
Such gifts come under income from other sources u/s 56(2). Though your chachi saas comes under the defination of "relative", but, if u r assessee...so, if u give her cash, she would be paying tax, but if she gives you cash you will not be paying tax.
Such gifts come under income from other sources u/s 56(2). Though your chachi saas comes under the defination of "relative", but, if u r assessee...so, if u give her cash, she would be paying tax, but if she gives you cash you will not be paying tax.
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