Gift Tax for Father in law and between daughter in law
This query is : Resolved
Sanjeev Kumar Sharma
(Querist)
04 March 2008
i need to know whether the father in law can give the gift to his daughter in law (sasur to Bahu)
CA Hemant T Dewani
(Expert)
04 March 2008
it is allowed u/s 56(2)(V), but in income tax act u/s 64 if any amount givenh to sons wife and if any income is generated
from that income then it is taaxable in the hands of sasur
from that income then it is taaxable in the hands of sasur
S.Srinivasaraghavan
(Expert)
04 March 2008
Any one can give gift to any one! But if you are talking about exemption from IT Act for the recipient, Yes, as per explanation to 56(2)(v).
Sanjeev Kumar Sharma
(Querist)
04 March 2008
Thanks to both of u
04 March 2008
YES
CA. GOPAL SONIKA
(Expert)
06 March 2008
Yes but will be taxed
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