Gift tax and exem0tion
This query is : Resolved
01 September 2013
Dear sir,
I have few queries
1. I have got a house from my blood brother worth Rs. 30 lacs and the sale deed is in my wife's name. Now my question is if I ask my brother to gift the house, will he or my wife need to pay income tax or gift tax. In this case is it not exempted.
2. If my father in law gift say Rs. 10 lac to my wife(his daughter)
does he or my wife need to pay gift tax and if so how much. Is it not exempted.
Thanks n Regards
I have few queries
1. I have got a house from my blood brother worth Rs. 30 lacs and the sale deed is in my wife's name. Now my question is if I ask my brother to gift the house, will he or my wife need to pay income tax or gift tax. In this case is it not exempted.
2. If my father in law gift say Rs. 10 lac to my wife(his daughter)
does he or my wife need to pay gift tax and if so how much. Is it not exempted.
Thanks n Regards
01 September 2013
1. I have got a house from my blood brother worth Rs. 30 lacs and the sale deed is in my wife's name. Now my question is if I ask my brother to gift the house, will he or my wife need to pay income tax or gift tax. In this case is it not exempted.
.
When sale deed is in the name of your wife, how your brother can gift?
.
If brother gifts his house to your wife, no gift tax or income tax is payable by the either party.
.
When sale deed is in the name of your wife, how your brother can gift?
.
If brother gifts his house to your wife, no gift tax or income tax is payable by the either party.
01 September 2013
2. Your father in law can gift any astronomical amount he validly possess, to your wife without attracting a liability under the Income Tax Act.
.
.
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