Just one addition...it is possible that while the recipient of the gift doesn't have to pay any tax as the relative who gave the gift was covered under the definition of relative, the return gift may be still be taxable as often the reverse relationship is not covered under the definition
canikhil
Pl clarify :
Let us say, one married daughter gives a gift in cash to her mother legally say 10lac.
After some years say 1-3, mother sells her property & gives back a gift of say 30lac each to two of her daughters plus 10lac extra to the daughter who gave her a gift initially.
Is this return gift valid or not?
If Not valid how it will be treated by IT?
Whether the original gift should be called as loan?
The return Gift ( or call amount ) by mother, is it income in the hands of daughter because Gifts could not be returned as said by trade?