Tax implication

Tax queries 152 views 1 replies

i have transfered Rs.1lakh from my bank account to my brother in law bank account. whether it will be considered as gift? what would be tax implications in my hands as well as in the hands of my brother in law? whether provisions of gift would be attracted? whether brother in law is covered in the definition of relative? kindly resolve my query soon.

thanks, 

hardik dave

Replies (1)
  1. Yes
  2. Nothing
  3. Yes
  4. Yes


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