GIFT FROM SON-IN-LAW
This query is : Resolved
19 March 2010
WHETHER GIFT RECEIVED FROM FATHER-IN-LAW IS EXEMPTED FROM INCOME TAX OR NOT.
19 March 2010
It is not taxable u/s 56(2). henece it is exempt from tax as gift is received from lineal ascendant or descendant of the spouse of the individual.
19 March 2010
agree
19 March 2010
Exempted
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