Can you pls answer me that is monetory gift of Rs 50,000 given to married sister by cheque is taxable. If the answer is Yes, who will liable to tax and on what amount?
13 April 2009
hello... as per the provisions of gift tax as per i.t.act....any amount of gift received from a relative as defined by the act is exempt from tax.
in the given case your sister is a relative as defined by the act, hence her receiveng the gift from you is exempt in her hands...
note. her marital status is not relevant for this provision as long as she is your relative.
CAclubindia
