How are Gifts given to a relative taxed?

What is the tax implication if I gift some money to my married daughter? Are there any taxes on non monetary gifts?

- Raj Shekhar Reddy, Bengaluru

Usually, any money or property received by an individual from any person during any financial year without consideration, the aggregate value/fair market value (in case of movable property) or stamp duty (in case of immovable property) of which exceeds Rs 50,000, is taxable under the head “Income from other sources”. However, an exemption is provided if the said money or property is received from a relative, which includes the father of an individual. Accordingly, if you gift cash or other non-monetary gifts, there should not be any tax implications for your married daughter.