Indudhar (Tax Advocate) (427 Points)
03 December 2013Can a father-in-law gift to his daughter-in-law?
whether such gift is exempt?
whether such gift comes under clubbing provisions?
How to compute the same for tax purposes?
Please guide me...
Thanks in anticipation.
Mihir
(Wealth Manager)
(5293 Points)
Replied 03 December 2013
No, this gift shall be tax-free in the hands of the daughter-in-law.
Clubbing provision will apply. If she earns some returns from this gift, the return shall be taxable in the hands of the father-in-law.
Documenting this gift is necessary.
*RENU SINGH *
(✩ §m!ℓ!ñġ €ม€§ fℓม!ñġ ђ♪gђ✩ )
(21627 Points)
Replied 03 December 2013
| Originally posted by : Mihir | ||
 |
No, this gift shall be tax-free in the hands of the daughter-in-law. Clubbing provision will apply. If she earns some returns from this gift, the return shall be taxable in the hands of the father-in-law. Documenting this gift is necessary. |
 |
Agree with Mihir. Section 64 provisions will apply.
Kumar
(Xx)
(21 Points)
Replied 19 July 2014
Scnario: Q1 Father in law demises after gifting and the property isnow sold by the gift reciepient( ie the daughter in law ) , where will the long term capital gains be assessed.
Q2 : Can the Dagher in aw further gift the property after demise . Which tax will be applicable then
CAclubindia
