is gift from father in law exempted ?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 January 2011
hello all,
My father wants to gift monetary gift to my wife, is this kind of gift exempted from income tax & under which section ?
thanks
My father wants to gift monetary gift to my wife, is this kind of gift exempted from income tax & under which section ?
thanks
03 January 2011
yes is would be not be taxable u/s 56(2) but the income would be subject to clubbing in the hands of the father u/s 64.
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