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 ...      

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 04 September 2026
Accounts Executive

Hema Yashwanth & Associates

Chennai

B.Com

View Details
Company
ARTICLESHIP 10 August 2026
Article Assistant

Suraj Garg and Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 29 August 2026
Article Assistant

RRPM & ASSOCIATES LLP

Chennai

CA Inter

View Details
Company
11 August 2026
COMPLIANCE EXECUTIVE

YMW COMPLIANCE SERVICES LLP

Others

CA Final

View Details
Company
ARTICLESHIP 01 September 2026
Articles

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Foundation

View Details
Company
14 August 2026
Article Assistant CA Articleship

Eshwar & Co Chartered Accountants - Nungambakkam

Chennai

CA Inter

View Details
Company
21 August 2026
Finance Manager

Resollect Technologies Pvt Ltd

Mumbai

CA

View Details
Company
ARTICLESHIP 26 August 2026
Article Assistant

ANIVESH CONSULTANTS LLP

Gurgaon

CA Inter

View Details