Gift from daughter in law to father in law

Tax queries 5692 views 3 replies

Whether Cash Gift from Daughter in Law to her Father in Law is exempt under Income Tax?  whether gift deed/affidavit required in this case on stamp paper?

Replies (3)
What type of Gift ???
it is cash gift . it is exempt bcoz Donor Donee fall in the definition of relative under section 56

relative" means,—

[i] in case of an individual—

[A] spouse of the individual;

[B] brother or sister of the individual;

[C] brother or sister of the spouse of the individual;

[D] brother or sister of either of the parents of the individual;

[E] any lineal ascendant or descendant of the individual;

[F] any lineal ascendant or descendant of the spouse of the individual;

[G] spouse of the person referred to in items [B] to [F]; and
Whether Cash Gift from Daughter in Law to her Father in Law is exempt under Income Tax?

- Yes...

whether gift deed/affidavit required in this case on stamp paper?

- Yes... Better to prepare gift deed.


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