one person received 5 lackh from his son in law, who is in abroad, in this regard, what is the treatment for 5 lackhs, which were received by his uncle in india
ankit gupta
(CA IN PRACTICE)
(104 Points)
Replied 07 November 2016
if amt has been received as loan and it is transferred via banking transaction, then father in law will have to declare this amount in his balance sheet. if this amount is received without any consideration, it will be treated as gift. however, gift from relatives is exempt income.
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