Gifts from relatives
This query is : Resolved
23 September 2016
WHETHER GIFT RECEIVED FROM FATHER IN LAW (WIFE'S FATHER) IS EXEMPT UNDER INCOME TAX ACT.
23 September 2016
Dear Ashwini,
It's within the meaning of relative and hence its exempt.
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24 September 2016
Yes it is exempt as it is in the meaning of relative.Refer to section 56(2)(vii) of IT act,1961 for further reference.
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