gift tax

Raaj (service) (88 Points)

01 July 2011

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

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3 Replies

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.!!

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Raaj (service) (88 Points)
Replied 26 August 2013

is there any special formalities or form to be filled while claiming gift tax exemption. my wife is taking Rs. 15 lac from her father as gift.

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.

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