If a father gifts movable or immovable assets (property, jewellery, cash, bonds etc.) to his sons or daughter-in-laws, is it taxable?
Thanks
A V Vishal (Advocate) 30 April 2010
No, there is no gift tax on gifts of either moveable or immoveable properties from father to his son or daughter in law.
AMIT BAJAJ ADVOCATE (ADVOCATE) 30 April 2010
Agreed with A.V Vishal but want to add one more thing If the gift is given to the daughter in law it would attract clubbing provisions regarding income arising from the gifted property.
Surya Kannt (ADVOCATE) 01 May 2010
yes fully agree with Mr. Amit
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