What is tax liability of a person not having taxable income and receving cash gifts from any person?
My wife has received Rs 60,000/- from her father and invested in a 5 year term deposit.She is unemployed and has not any taxable income.Are there any tax implications on her after receiving this amount?
Public Comments
- no dear , she is not liable to pay the tax
- Hi Sam She can receive any amount of gift from her relatives it is not Taxable. She cannot receive a gift from you or your Father that will be clubbed with your Income
- Regarding Gift: Gift above Rs.50,000 is taxable. But if the gift is between blood relatives, then no gift tax on any amount. Since the gift is between father and daughter, no gift tax at all. Regarding interest earned on FD: But she has to pay income tax on the interest earned by her. (On the 5 year term deposit). At the same time, her tax free income is Rs.1.8 lakhs per financial year. She can earn 1.8 lakhs per FY without any tax payment. Thus the interest on Rs.60,000 will become tax free income for her.
- Gift of any kind from relatives is tax free. But there must be proof of gift received. Like Gift Deed. Since she has no taxable income, Interest Income is also tax free. HMT
- Gift of any amount from a relative is not taxable. Check the source for more details on the gift tax.
