DO YOU HAVE A QUERY?

The Times of India (Mumbai edition) - - TIMES PERSONAL FINANCE -

The money that you have been trans­fer­ring to your grand­daugh­ter will not be tax­able in her hands. Ac­cord­ing to Sec­tion 56(2)(vii) of the In­come-Tax Act, gifts re­ceived from rel­a­tives are not tax­able. Also, nei­ther of you not need to fur­nish the gift de­tails when fil­ing tax re­turns.

I just sold a plot of land, which I had pur­chased two years ago, and made a profit. What will be my tax li­a­bil­ity?

I am an 82-year-old pen­sioner and I gift `12,000 ev­ery month to my grand­daugh­ter. Are we re­quired to show this in our tax re­turns?

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