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 ?
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.
CAclubindia
