Reader's corner: Are you liable to pay tax on property received as gift?

If the property is gifted by your uncle to your wife, the transaction will not be covered under the exemption

My father's brother doesn’t have children. He wants to gift a property to my wife or me. Will I need to pay any tax on such a gift received from my uncle? How do I compute the tax?
 
There is no gift tax in India. Further, gifts from close relatives are also not taxable in the hands of recipients. Accordingly, there will be no income-tax liability on you when your uncle transfers the property in your name. It is, however, essential to maintain proper documentation of the gift for record purposes. You may need these details when you sell