Gift from sister in law

RETIRE

20 Points Posted on 24 August 2019

My wife's sister in law wants to gift her Rs3 lakh for our anniversary.

Is this taxable.

Does she need to make an agreement on stamp paper confirming that she gave the gift.

Does stamp paper need to be bought before or after receiving gift.

Gift will be by cheque.

Thanks in advance.

Replies (3)

SEO Sai Gr. Hosp.

44 Points Posted on 24 August 2019

Not taxable, when gift received by sister or brother-in-law, by bank transfer/cheque. [exempt u/s. 56(2)(x) of the act.]

Gift confirmation on plain paper attested by two witnesses is sufficient when gift amount transferred through any banking mode.

20 Points Posted on 25 August 2019

Your sister wants to give gift to your wife - since they are within the definition of relevant , the gift of Rs 3 lakhs will be exempt.

RETIRE

20 Points Posted on 25 August 2019

Thank you both for your replies.

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