Gift
This query is : Resolved
26 June 2012
My son in law want to gift me, he is now at abroad. as per is have information he will be covered under definition of relative and such gift will not be taxable under capital gain section 56, but my doubt is that is there any distinction if he is settled at abroad. please resolved by issue.
26 June 2012
It would not make any difference. Son-in-law is your relative as per Sec 56 of the Act and hence gift received from him is not taxable in your hands.
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