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Gift

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(Querist)
11 February 2012 Dear Sir,

if my father & mother recd Rs.500000 each from my jijaji as gift through notry stamp deed , is this amount tax free for him or they have to file income tax return & deposit tax on this amount.

also is this amount will add in jijaji income or not.

pls give me reply.
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CA. Hari Kishan

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CA. Hari Kishan (Expert)
11 February 2012 The amount of gift reced from the son in law is not taxable as he shall be covered as a relative under section 56..

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