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Dear Pankaj, First of all appreciate your wonderful work. One financial question I am seeking to be answered: My wife is a house wife having PAN card, so she doesn't need to file income tax return. If my father gifts money upto 1.70 lakh to my wife without a gift deed by cheque, should this money be taxable for any one of them. My father has income from agriculture and private teaching (not a legal proof of income). He doesn't have PAN card. As per my understanding, since the money is less than 1.90 lakh she doesn't need to file IT return. Is it mandatory to file IT return any one of them? Please clarify if any tax liable and help. Warm regards, Anand asked Aug 12 '11 at 16:29 by V Anand123 1●3●3●4 |
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There's a nice story behind which gift will be treated as exempted from tax. Any gift you receive from your relatives is not taxed – irrespective of its value. Here, “relative” means:
Example 1: If you receive a gift of Rs. 1 Lakh from your father’s brother (your uncle – point no. 4), it would not attract gift tax. Example 2: If you receive a gift of Rs. 1 Lakh from your father’s brother’s wife (your aunt – point no. 4 + 7), it would not attract gift tax. Example 3: If you receive a gift of Rs. 1 Lakh from your wife’s father (your father in law – point no. 6), it would not attract gift tax. Example 4: If you receive a gift of Rs. 1 Lakh from your wife’s father’s brother (your wife’s uncle), it would attract a gift tax. So in your case it falls somewhere in Example 3 and thus not taxable answered Aug 16 '11 at 21:09 by Gurukul 187●2●9●16 |
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There won't be any income tax payable on this transaction of gift, as gift to son's wife is tax free as per income tax laws. answered Aug 15 '11 at 19:33 by Pankaj Batra 5.2k●3●20 |