Daughter in law gift
This query is : Resolved
03 July 2021
Sir
I want to know about : is daughter in law comes under section 56(2) of income tax? Can a father in law gift to his daughter in law if yes then how much is the threshold limit.
Pl advise.
Regards
I want to know about : is daughter in law comes under section 56(2) of income tax? Can a father in law gift to his daughter in law if yes then how much is the threshold limit.
Pl advise.
Regards
03 July 2021
Daughter-in-law is a relative and gift from father-in-law is not taxable in the hands of daughter-in-law.
05 July 2021
There is no threshold limit for gift from relative listed in section 56(2). However, the Gift should come from genuine sources, through banking channel, donor must have capacity to make gift so that rigours of s.68. 69A etc. are not triggered.
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