Gift to Daughter in Law - Where to disclose in ITR?

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  1. MAP

    MAP Member

    Sir,

    what will be tax liability for donor and donee ,if I gift Rs. 5 lakhs to my Daughter in low ?
    Where to reflect same in ITR ?
    Thanks and Regards,
    MAP
     
  2. Karan Batra

    Karan Batra Well-Known Member

    No Tax would be levied to both in the hands of both the donor and the donee.

    You wont be required to disclose this in ITR but your daughter in law would be required to disclose this in the ITR under head exempt income
     
  3. SUNNY NARANG

    SUNNY NARANG Member

    It will be exempt. if Daughter in law invest this amount and earn some interest then it will be clubbed in your income. please refer screen shot where we need to show this income in ITR.
    [​IMG]


    [​IMG]
     
  4. MAP

    MAP Member

    Thank you very much both of you. I would furthur state that interest if received by donee will clubbed with donor ? Both head are different ?
     
  5. ZED

    ZED Well-Known Member

    Clubbing provisions are not applicable in this particular case.
     
  6. MAP

    MAP Member

    thank you sir.
     
    ZED likes this.
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