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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)
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?
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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