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| This query is : Resolved
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navin bagaria
( Author )
29 June 2012
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CAN A LADY GIFT YO HER FATHER-IN-LAW IS TAXABLE OR NOT AND WHAT ARE AMOUNT LIMIT OF
THIS TYPE OF OF GIFT IN A FINANCIAL YEAR.
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Siddhartha Bhardwaj
( Expert )
30 June 2012
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1. The amount gifted by the lady is not taxable in her hands.
2. The gift is exempt in the hands of the father-in-law by virtue of Section 56(2)(vii).
3. There is no limit on the amount of gift.
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navin bagaria
( Author )
01 July 2012
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I AM NOT UNDERSTAND THE THING PLEASE HELP ME . WHAT IS VIRTUE SECTION 56(2)(VII).
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Siddhartha Bhardwaj
( Expert )
02 July 2012
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Section 56(2)(vii) provides that gifts received by individual & HIF are taxable if the aggregate amount of gifts during the year exceed Rs. 50,000.
HOWEVER, gifts received from relatives are EXEMPT.
Therefore, gift received by an individual from his daughter-in-law is exempt in the hnds of the individual.
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navin bagaria
( Author )
02 July 2012
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HOW MUCH AMOUNT LIMIT WILL BE EXEMPT OF GIFT TAKEN FROM HIS DAUGHTER-IN-LAW AND IT CAN BE IN CASH OR CHEQUE.
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Siddhartha Bhardwaj
( Expert )
02 July 2012
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There is no limit. The WHOLE amount shall be exempt.
The gift can be in cash or through cheque.
However, if the gift is in cash, the daughter-in-law should be able to substantiate the source of the gift.
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navin bagaria
( Author )
02 July 2012
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THANKS FOR YOUR GREAT CO-OPERATION
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