GIFT TO MARRIED DAUGHTER

[AJAY KUMAR]

Dear All

A Father Has Given Gift to his daughter after 5 years of Marriage ,in such  case if any income arises on such gifted thing  in whose income it will be clubbed. Please Advice me

Thanks In Advance

[T.K.Sharma]

none. it will be her income

[pawansingla]

It will be not the income of anybody for the purpose of income tax.Gifts can be given to relative any time .

[T.K.Sharma]

INCOME  ARISING FROM PROPERTY GIFTED TO MAJOR DAUGHTER WHETHER MARRIED OR UN-MARRIED WILL BE TAXABLE IN THE HANDS OF DAUGHTER.

[CaGCBaid]

Provision of section 56(vii) is very clear according to which if any sum of money received from any relative, same shall not be taxable.

As per Explanation  to clause (vii) of section 56 and lineal ascendant or descendant of the individual is relative.