Can father in law take money Rs 40 Lac from daughter in law (through banking channel) without any tax liability. Source of money is her business income after marriage. Fatther in law supported her with Full Capital and physical help in business.
Can father in law take money Rs 40 Lac from daughter in law (through banking channel) without any tax liability. Source of money is her business income after marriage. Fatther in law supported her with Full Capital and physical help in business.
Yes, FIL can take any amount from DIL through banking channel, as GIFT, without any tax liability; as She come under the definition of 'Relative' by virtue of explanation given under sec. 56(2)(x)(a), read sub sec. (v)(e)(E) w.r.t (G).
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