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Gifts from relatives

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(Querist)
23 September 2016 WHETHER GIFT RECEIVED FROM FATHER IN LAW (WIFE'S FATHER) IS EXEMPT UNDER INCOME TAX ACT.
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ACA Anurag

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ACA Anurag (Expert)
23 September 2016 Dear Ashwini, It's within the meaning of relative and hence its exempt.
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CA Shubhang Goyal

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CA Shubhang Goyal (Expert)
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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