Guide : Tax Free Gift to Relatives with CA Shubham Maloo

Gifts from relatives (like spouse, parents, siblings, lineal ascendants/descendants, in-laws) are fully tax-free, but income may be clubbed back if given to spouse, son’s wife, or minor children.

Gifts from non-relatives are taxable if the total value in a year exceeds ₹50,000, including money, property, or assets.

Always avoid cash gifts above ₹2 lakh, use a gift deed for property, and note that recipient inherits the donor’s cost for capital gains.