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GIFT FROM FATHERIN-LAW

This query is : Resolved 
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(Querist)
13 July 2009 DEAR SIR/MADAM

SON BOOKING FLAT RS, 15,00,000/- BUT HE WAS PAID ONLY 250000/- REMAINING 1250000 PAID BY FATHER AND FLAT REGISTERED HUSBAND AND WIFE 1/2 SO DAUGHTER IN -LAW WRITE IN HER BOOKS OF A/C

FLAT A/C DR 75000
TO GIFT FORM FATHER IN LAW 750000

IS IT CORRECT OR NOT AND ITS ALLOWABLE GIFT RECEIVED FROM FATHER IN-LAW, PLEASE TELL

THANKS IN ADVANCE
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Abhishek Mohta

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Abhishek Mohta (Expert)
16 July 2009 Yes the treatment is correct.
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