Gift Tax: No Tax on Gifts to Spouse's Siblings in India

• Gifts exceeding Rs. 50,000 are generally taxable to the recipient, but gifts from 'specified relatives' are exempt.
• Gifts to a spouse's siblings (e.g., from a sister's husband) are exempt from tax, with no upper limit.
• Neither the donor nor the recipient needs to declare exempt gifts in their income tax returns.
• A written note confirming the gift's acceptance is advisable for documentation.
• Stamp duty on movable assets like money varies by state; a memorandum of understanding is recommended.

Why It Matters: This clarifies gift tax rules for family in India, preventing tax issues.