Gift to blood relation

This query is : Resolved

Snehashish Ghosh (Querist)
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09 January 2018 From my tax paid income, I want to gift Rs 2.5 Lakhs (250000/-) by CHEQUE to my married sister (blood relation – sagi bahan in hindi). She does not have any other income being a housewife.
1. Is it correct that she does not have to pay any tax on the money ?
2. Will a gift deed be needed ?
3. If she invests the money in fixed deposits this year, will the interest on the fixed deposit be treated as her income or my income (clubbing?) ? next financial year ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 January 2018 1 yes you are right she need not pay any tax.
2 Gift deed not required being cheque payment.
3 Interest on fixed deposit will be treated as her income.

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