Home |Tax returns filing | 1.To execute gift deed, is there any charges, including the tax, lets say if i need to give 10lakh gift to my wife.   I assume there won't be any tax, but during gift deed, is there any tax i would need to pay? 2. If i take loan (say 10 laksh from ) my brother in law, and later i would pack him monthly or termly like 1 laksh after every 6 month, is there any chance to get caught by income tax?

1.To execute gift deed, is there any charges, including the tax, lets say if i need to give 10lakh gift to my wife.   I assume there won't be any tax, but during gift deed, is there any tax i would need to pay? 2. If i take loan (say 10 laksh from ) my brother in law, and later i would pack him monthly or termly like 1 laksh after every 6 month, is there any chance to get caught by income tax?

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Subin VR, Chartered Accountant,FCA, DISA (ICAI) verified
Answered on May 14,2021

1. No tax for executing gift deed.
2. Borrow and repay loan only through banking channel; not by cash. Then no need to worry about income tax department.
Please check this video to know how Gift Tax is applicable in practical life situations.

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