Gift to blood relation
This query is : Resolved
Snehashish Ghosh
(Querist)
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 ?
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
(Expert)
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.
2 Gift deed not required being cheque payment.
3 Interest on fixed deposit will be treated as her income.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Employee secondment
- Ito add credit side of bank
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Capital gain on commercial property and investment in residential property
- LLP audit and disclosure
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Rent agreement of House of deceased person
- Gift to nri relatives resides in usa
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
