Received amount from father-in-law
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 December 2012
Hi,
on 7th May 2012, I have received 100000/-
from my father-in-law by cheque deposit in my bank account after registry marriage.I am Hindu by religion.
I want to know is it taxable under the indian it act. I am male and received money from my wifes's father.
If my father-in-law declares it as gift by gift deed will there be exemption of tax, Please advise
on 7th May 2012, I have received 100000/-
from my father-in-law by cheque deposit in my bank account after registry marriage.I am Hindu by religion.
I want to know is it taxable under the indian it act. I am male and received money from my wifes's father.
If my father-in-law declares it as gift by gift deed will there be exemption of tax, Please advise
03 December 2012
Taxation of gifts is governed by Section 56(2)(vii).
Gifts received from RELATIVES are exempt in the hands of an individual.
Father-in-law is a relative for the purpose of Section 56(2)(vii) and accordingly any amount received from him is NOT taxable.
Gifts received from RELATIVES are exempt in the hands of an individual.
Father-in-law is a relative for the purpose of Section 56(2)(vii) and accordingly any amount received from him is NOT taxable.
CA bhargava
(Expert)
03 December 2012
I agree with the expert and also., in the Year of Marriage ., any gifts received by you from persons other than relatives are also expemt.
03 December 2012
Dear CA Bhargava, gifts received ON THE OCCASION OF MARRIAGE only are exempt, not gifts received throughout the YEAR of marriage.
CA bhargava
(Expert)
03 December 2012
This is like a small beneficial clause to claim the gifts received in the year of marriage as the gifts from marriage and claim exemption
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- MSME disclosure and disallowance
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Accounting treatment of AMC alongwith the purchase of Laptop
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
