Query about tax liability on gift money

SUKHPAL SINGH (Querist) 27 September 2011 This query is : Resolved
Sir,
I wish to ask following few queries;
1. How much tax is payable by me if I were to receive a cash amount gifted by my father after sale of ancestral property or property purchased through ancestral resources?
2. Can my Father gift a cash amount to my wife i.e. his daughter in law after sale of ancestral property or property purchased through ancestral resources or his other resources? If yes, then what would be the tax liability?
3. Can my Father in law or Mother in law gift a cash amount/FD's (as a legal nominee)/Property (plot or land/house)to my wife i.e. their daughter earned through their own resources or income? If yes, then what would be the tax liability?
with warm regards and best wishes

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Sailesh Kumar Shah (Expert) 27 September 2011
1. How much tax is payable by me if I were to receive a cash amount gifted by my father after sale of ancestral property or property purchased through ancestral resources?

Ans. no Income tax would be payable, however capital gain to be paid by your father.

Sailesh Kumar Shah (Expert) 27 September 2011
2. Can my Father gift a cash amount to my wife i.e. his daughter in law after sale of ancestral property or property purchased through ancestral resources or his other resources? If yes, then what would be the tax liability?

Ans. No Income tax Payable on Gift.

Sailesh Kumar Shah (Expert) 27 September 2011
3. Can my Father in law or Mother in law gift a cash amount/FD's (as a legal nominee)/Property (plot or land/house)to my wife i.e. their daughter earned through their own resources or income? If yes, then what would be the tax liability?

Ans. No income tax payable on this Gift.

Raj Kumar Makkad (Expert) 27 September 2011
I do agree with expert shah.

prabhakar singh (Expert) 29 September 2011
The perfect advice of Mr. Shah needs no addition.

Guest (Expert) 29 September 2011
I agree with Shailesh Kr. Shah.

soumitra basu (Expert) 04 October 2011
I would like to add that the income from the money gifted to the daughter in law shall be clubbed in the hands of the doner-father.

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