I HAD GIVEN GIFT OF 50,000 TO SISTER IN LAW, WHAT IS MY TAX IMPLICATIONS. I HAD GIFTED SOME AMOUNT TO MY DAUDHTER AGED 19 YEARS, SHOULD I PREPARE THE GIFT DEED OR SIMPLY SHOW IN MY TAX RETURN AND WHAT ARE THE TAX IMPLICATION OF MY DAUGHTER AGED 19 YEAR STUDENT.
RE:GIFT , INCOME OF CHIELF
by IIFT Jaipur on Feb 25, 2007 04:28 PM Permalink
rERDING GIFT GIVEN TO YOUR SISTER IN LAW, THERE IS NO TAX IMPLICATION IN YOUR CASE. Similarly, in case of gift to your daughter aged 19 years, there is no tax either in your case or in case of your daughter. Practically, no need for a gift deed. Simply show it in your tax return. If your daughter is getting taxable income she will need to file separate return as she is no more a minor.
