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 ?
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.
CAclubindia
