New Delhi, Aug. 16 -- Parents often gift property, money, jewellery or other valuables to their married daughters as part of financial support or family wealth allocation and planning. Now, the gift itself may not attract tax in the daughter's hands, the tax treatment of the income that is generated from such a gift is a separate matter.

Having a clear understanding of the provisions, tax laws and implications of such gifts is vital, as it can in proper financial planning and ensure that tax savings is boosted meaningfully, in accordance with the provisions of the income tax rules.

When a married daughter receives a gift from her parents, it is generally considered tax-free in her hands, regardless of the amount, as parents fall within ...