Hi
Will gifts received from sister of my father in law be taxable?
My wife and father in law have passed away.
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Gift from sister of Father in law
Replies (1)
Yes it will be taxable..
Exemption under section 2 (41) of Income tax is NOT AVAILABLE in this case.
As far Gifts from SPOUSE OF INDIVIDUAL the following exemption under section 2 (41) of Income tax is AVAILABLE :-
Spouse of the individual
Brother or sister of the spouse of the individual
Any lineal ascendant or descendant of spouse of the individual
I am a layman, this is what I gathered from experts of this forum
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