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Sister to Sister Gift Deed tax liability. How is it calculated?
02-Jun-2023 (In Property Law)
My question is what is the tax liability to my blood sister who is wishing to gift her portion of the deed to me? Is there any tax implication to my sister?
If the value of all the gifts taken together exceeds Rs 50,000, the aggregate of the gifts received become taxable without any threshold exemption. However, income tax laws also give a favourable treatment to gifts between two close relatives.
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Adv. Pankaj Bajaj
Mumbai | 500+ Answers
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