Gift deeds

Vishal Bhasker (Querist) 16 April 2015 This query is : Resolved
My aunty(Senior Citizen)has gifted an X amount of money to her younger sister(Age 68) who is also a senior citizen after selling off her property as she is in a bad state. Now can the younger sister give her husband (Age 72) half the amount she received as a gift. Would it be taxable.
What would be the best way to do this money transfer without incurring taxes. Is there any money limit to a gift deed in this scenario. Would appreciate help on this from all you experts.
Thankyou
Vishal

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Vishal Bhasker (Querist) 17 April 2015
Am awaiting your kind feedbacks

KUMAR JAGADEESAN (Expert) 17 April 2015
Dear Mr.Vishal

All the three persons come under the category of relative under sec 56(2)(vii) of the IT Act 1961 and hence the gifts as such are not taxable in the hands of the receipients.

Vishal Bhasker (Querist) 17 April 2015
Thankyou Mr. Kumar

T. Kalaiselvan, Advocate (Expert) 25 April 2015
You can consult a local tax consultant for further clarifications, if need be.

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