Income from other sources gift

Wife of brother will be a 'relative' as I understand from the section 56. So if my father gifts a property to his bhabhi (brothers wife), will there be any taxation angle involved? Something about consideration is mentioned in section 56. What is the meaning of this 'consideration' ?
Replies (5)
Quick Summary
This discussion clarifies the tax implications of gifting property between relatives in the UK, specifically focusing on a father gifting a property to his brother's wife (bhabhi). It confirms that such a gift, received without 'consideration' (meaning free of cost), is generally tax-exempt for the recipient. The query also addresses potential capital gains tax for both the giver and receiver, concluding that no capital gains tax is applicable in this scenario as the property is gifted.

Yes, Husband's brother will be relative to her, and any gift received (I.e. Without consideration, free of cost) from him will be tax exempt.

Thank you
will the individual be charged any sort capital gain?

No. No  capital gain liability to his bhabhi.

As the property is gifted, so no question of capital gain to Dewar/BIL, also.

Thank you Sir

My Pleasure ...      

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