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Can My Gift to Father-in-Law Be Tax-Free?

T S Khurana |367 Answers |Ask -Follow

Tax Expert - Answered on Sep 04, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Aug 23, 2024Hindi

Money

Can yoy please confirm..As per the Income Tax definition of relatives Gift from my side to my Father in law ( Wife father) will be treated as GIFT ( under relative) and the transfer will not be taxed .

Ans: Your relation comes under the Lineal Relationship of Spouse, hence you may make a gift to your father-in-law & it will not attract any Income Tax. However, you should adopt proper procedure to make a gift.
Most welcome for any further clarification. Thanks.

Asked on - Sep 10, 2024 | Answered on Sep 11, 2024

When I transfer money TO my father-in-law (wife's father), as per the Income Tax Act, this qualifies as a transfer to a relative and is not subject to tax ( as clarified in in last message). In this situation, would the clubbing provisions apply (as they do with transfers to a spouse), where the income generated (profits) from the gifted amount is clubbed with the income of the person making the gift?

Ans: No. Clubbing provisions shall not be applicable in this case.
Most welcome for any further clarification. Thanks.

Asked on - Sep 17, 2024 | Answered on Sep 17, 2024

Thanks . Hope residency status does not impact this . NRI ( Son ) making GIFT ( online transfer ) to father ( resident Indian ) . This will be tax free both for father and son as it comes under relative.

Ans: Sure. It shall be tax free for both of you. Please ensure to create a document for such gift.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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