Gift received from daughters husband is taxable or not
This query is : Resolved
07 December 2022
Mr X received gift ( Resi.Plot ) from his daughters husband.
Daughters husband had purchases such plot of Rs 5 lakh &at the time of gift govt value of such plot is 15 lakh.
I have question that what will be the tax in the hand of Mr X after receiving the gift from daughters husband ?
& what will be the tax in the hand of daughters husband after giving the gift to his father in law ?
Daughters husband had purchases such plot of Rs 5 lakh &at the time of gift govt value of such plot is 15 lakh.
I have question that what will be the tax in the hand of Mr X after receiving the gift from daughters husband ?
& what will be the tax in the hand of daughters husband after giving the gift to his father in law ?
Dhirajlal Rambhia
(Expert)
07 December 2022
Gift received from SON IN LAW is exempt u/s. 56(2) of IT act.
No tax liability to either Father in law or son in law, for the gift transaction.
No tax liability to either Father in law or son in law, for the gift transaction.
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