My mother transferred her house to my wife - is it taxable

1. Gifts given to relative is not taxable in the hands of recipient or donor both.

2. Not Taxable

3. Question is vague

Hi,

Thanks for the queries !

From the taxation point of view, gift received from relatives is not taxable in the hands of the recipient. However, the relative has been specifically defined under the act which includes the following people:

1. Spouse

2. Brother/sister

3. Brother/sister of Spouse

4.Brother or sister of either of the parents

5. Any lineal ascendant or descendent

6. Any lineal ascendant or descendent of the spouse

Hence in your case, both immoveable property and the cash received from any of the relatives mentioned above shall not be chargeable to tax.

Further, there is no limit on the cash balance to be shown in any balance sheet provided the same should be justifiable to the tax officer. In other words, one should be able to prove the source of such cash.

Thanks & Regards,

Damini

No. Gift to a relative as defined in the Income Tax Act is not taxable. However, it will be good to get the Gift deed registered.

Even cash of 100000 transferred to daughter in law will not be taxable.

There is no limit to the cash balance that you can reflect in your balance sheet.

Hope this clarifies.

Regards,

Nikhil

Hi

Your mother can transfer it to your wife as gift. There would be no taxes. However, property needs to be registered in your wife's name and shall involve payment of stamp duty.

Gift to relatives is exempt. It may be in cash. But, the donor should have property documents so as to prove the genuineness of the sources of such cash income.

Dear Sir,

1) Gift of immovable property from your mother to you wife is exempt from income tax provided property is legally in the name of your mother and all the property documents evidencing property in the name of your wife should be kept intact.

2) Cash gift of Rs.1,00,000 is also exempt provided cash is from legal source of income of the donor.

3) Question not clear. In whose books/balance sheet?

Thanks

No, transfer of house by your mother to your wife is not taxable. Please ensure that your wife show this as a gift in her return of income.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards,

Abhishek Dugar

CA CS B.Com

Gift received by daughter-in-law from her parents-in-law are exempt.

Hi,

Both gift of house by your mother to your wife as well as cash from you to your wife is exempt in the recipient's hands. Cash from your wife to you is also exempt in your hands.

Cash in hand as on the date of balance sheet will be reflected in the balance sheet. There is no limit, provided you have paid tax on the income.

Regards,

Keerthiga Padmanabhan

M.Com., CA, LL.B

Gift from Mother to Daughter is exempt in the hands of the Daughter. So, if your wife has received a property from her Mother as a Gift, then it is not taxable in your wife's hands.

Any amount gifted to the Spouse is also exempt. So, any gift from Husband to Wife and also vice versa, is not taxable

Hello,

No Gift from a relative in not taxable.

Please avoid giving gifts in Cash, it may put you in trouble.

Trust this clarifies your query.

Feel free to call / get back in case of further clarifications.

Thanking You.

Regards,

Rohit R Sharma

BCOM, FCA, LLB, CERT. FAFP

Gift received from mother in law is fully exempted. so not to worry about tax but it is advisable to have proper gift deed duly stamped and registered.

Gift to wife is also non taxable,irrespective of any limits.