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 1124

Know someone who can answer? Share a link to this question via Email, Twitter, or Facebook

Be the first one to answer this question!
toggle preview

Follow this question

Once you sign in you will be able to subscribe for any updates here

Markdown Basics

  • *italic* or __italic__
  • **bold** or __bold__
  • link:[text]( "title")
  • image?![alt text](/path/img.jpg "title")
  • numbered list: 1. Foo 2. Bar
  • to add a line break simply add two spaces to where you would like the new line to be.
  • basic HTML tags are also supported



Asked: Sep 20 '16 at 19:15

Seen: 2,020 times

Last updated: Sep 20 '16 at 19:15