Become a Govt. Certified GST Practitioner in just 60 hrs. Register Now!

Gift from daughter in law to father in law

RISHI (cs) (227 Points)

25 August 2019

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?

Reply
Follow
Share

3 Replies

Shivam RC (Student) (23683 Points)
Replied 25 August 2019

What type of Gift ???

Upgrade to CAclubindia Pro. Subscribe Now!

Kapadia Pravin (17264 Points)
Replied 25 August 2019

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

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 26 August 2019

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.