Gift tax on transfer of property
This query is : Resolved
07 February 2012
Can Nanad(Husband's Sister) transfer property to her bhabhi(brother's wife) without involving gift tax. Also, if there is any Tax involved what is the rate of the same? Which are other relations where no tax is levied on gifting property.
08 February 2012
In view of the explanation provided in the Act under Sec56, relative carries the term: brother or sister of the spouse of the individual HENCE it may be assumed that relationship may also exist vice a versa as from the angle of BHABHI, an individual, the SISTER (NANAD) of her husband is the sister of spouse.
08 February 2012
In view of the explanation provided in the Act under Sec56, relative carries the term: brother or sister of the spouse of the individual HENCE it may be assumed that relationship may also exist vice a versa as from the angle of BHABHI, an individual, the SISTER (NANAD) of her husband is the sister of spouse.
09 February 2012
Ashutosh Guptaji's reply is agreed. Sister of the spouse (nanad) is relative as expl. to sect 56(2)(vi), can gift property to Bhabhi without involving tax under Income Tax Act. Relatives for the concerned provisions are given in expl. to sect. 56(2)(vi).
13 February 2012
THE PRESENT GIFT FROM HUSBAND'S SISTER TO HUSBAND WIFE IS GIFT FROM RELATIVE UNDER IT ACT AND HENCE EXEMPTED FROM TAX.
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