Relative as per Income Tax Act.
This query is : Resolved
16 April 2020
Son in law is receiving gift from his in laws after marriage.
Whether son-in-law is considered as an relative in Income Tax Act?
Is such gift taxable in hands of son in law?
Whether son-in-law is considered as an relative in Income Tax Act?
Is such gift taxable in hands of son in law?
17 April 2020
Son-in-law receiving the gift is covered under the definition of relative and gift received by him is exempted
17 April 2020
Son in law is receiving gift. i.e. either mother in law or father in law might be giving. And as such mother in law / Father in law are relatives as per the definition provided in Income tax Act. And as such gift wont be taxable.
17 April 2020
Yes... Yes... I can't understand correctly in the words... Thank You for the clarification...
19 April 2020
a gift received from relative any time during the year whether in cash or kind is exempt from tax under income tax act 1961. son in law falls in definition of relative so this kind of gift not attract any kind of income tax.
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