Vikas Dharmendra (Consultant) 27 October 2009
on the occassion of sisters wedding, Brother want to give gift to his sister, what are the legal obligation of this procedure. what are the tax liabilities
If a brother want to gift a CAR(value upto 4 Lakh), to his sister by taking vehicle loan from Bank and CAR should be on his sisters name; how he can proceed as he is required to pay monthly installments to bank.
MUKESH DAGAR (m.com,mba (finance) ) 27 October 2009
Gift received from relative is not taxable as per income tax act and brother and sister are in the defination of relatives.
second think is gift received on the marriage is also not taxable as per income tax act.
if I am Wrong Please retify the my mistak.
Mukesh Dagar
M.Com,MBA (Finance), Pursuing CS
Raj Kumar Makkad (Adv P & H High Court Chandigarh) 29 October 2009
The opinion of Mukesh is almost right but it is to be added that the brother has o show this gift/expenses in his IT return.
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