Gifts from relatives

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Ashwini (Querist)
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23 September 2016 WHETHER GIFT RECEIVED FROM FATHER IN LAW (WIFE'S FATHER) IS EXEMPT UNDER INCOME TAX ACT.

ACA Anurag (Expert)
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23 September 2016 Dear Ashwini, It's within the meaning of relative and hence its exempt.

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CA Shubhang Goyal (Expert)
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24 September 2016 Yes it is exempt as it is in the meaning of relative.Refer to section 56(2)(vii) of IT act,1961 for further reference.

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