Gift to inlaws

Hi Pankaj ji,

I am following your blog since 4 years, and given me lot of knowledge on income tax, ITR returns and gave lot of information how I can save my tax legally,

Now I have query on Gift tax, my questions are as follows:

can I gift a cash to my mother in law or father in law ? how I can given them a gift as a cash or as a bank transfer as both of them are not educated enough to operate bank accounts by their own ? Gift tax will come under which section of Income tax will it comes under 80 c or any other specific section to declare it ? Gift declaration should be done with employer at the time of tax proof submission or at the time of IT returns ? What is the Maximum limit for tax exemption for me if I gift to my inlaws ? Please provide me clarification for above queries and eligibility of Gift tax exemption rules.

Thank you In Advance,

Regards, Rekha.

asked Sep 20 '16 at 19:15 by Rekha 1144

Hi Rekha

You can give any amount of gift tax to your in-laws. There is no taxation on that. The interest income generated form the interest of that gift will only be taxable.

Hope this helps

answered Jan 14 '19 at 20:14 by MoneyChai 1


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Asked: Sep 20 '16 at 19:15

Seen: 3,460 times

Last updated: Jan 14 '19 at 20:14