Gift received from son-in-law (wife brother)
This query is : Resolved
VARUN KUMAR JAIN
(Querist)
13 February 2015
sir,
My question is if gift inform of cash received from son-in-law (wife brother) is exempt from Income tax or not
My question is if gift inform of cash received from son-in-law (wife brother) is exempt from Income tax or not
13 February 2015
wife brother is not son in law but brother in law and yes its covered by definition of relative and is not taxable u/s 56(2)
Rupesh Jain
(Expert)
13 February 2015
YES IT COVER UNDER RELATION AND EXEMPT.
BUT IT BETTER TO TAKE GIFT THROUGH BANKING MEDIA.
BUT IT BETTER TO TAKE GIFT THROUGH BANKING MEDIA.
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