Gift from father in law
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 April 2015
Can i recieved Gift more than 5 lacs from my father in law about 80 years old, please reply in detail
25 April 2015
Gift from relative is exempt from Tax. Father in Law falls within the definition of relative and hence exempted from Tax. Do get the gift deed executed.
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961 (i) spouse of the individual; (ii) brother or sister of the individual; (iii) brother or sister of the spouse of the individual; (iv) brother or sister of either of the parents of the individual; (v) any lineal ascendant or descendant of the individual; (vi) any lineal ascendant or descendant of the spouse of the individual; (vii) spouse of the person referred to in clauses (ii) to (vi)
Read more at: https://www.caclubindia.com/forum/relatives-u-s-56-2-vii-from-whom-gift-is-permissible--98674.asp
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961 (i) spouse of the individual; (ii) brother or sister of the individual; (iii) brother or sister of the spouse of the individual; (iv) brother or sister of either of the parents of the individual; (v) any lineal ascendant or descendant of the individual; (vi) any lineal ascendant or descendant of the spouse of the individual; (vii) spouse of the person referred to in clauses (ii) to (vi)
Read more at: https://www.caclubindia.com/forum/relatives-u-s-56-2-vii-from-whom-gift-is-permissible--98674.asp
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