Dear Sir,
My father in law wants to give gift of Rs. 15 lacs to my wife. Will there be any gift tax involved and if so who has to pay the gift tax.
Regards
Prashant
Sunshine
(Helping All)
(10575 Points)
Replied 02 July 2011
Hie, gift tax has been abolished...and there will be no income tax as well coz here the gift is given to a relative...so no taxes...
regards.!!
Raaj
(service)
(88 Points)
Replied 26 August 2013
Mihir
(Wealth Manager)
(5293 Points)
Replied 28 August 2013
Prepare a gift deed.
If your wife invests this amount, and she earns some income out of it, this income shall be chargeable to your father-in-law.
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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