Hi
Will gifts received from sister of my father in law be taxable?
My wife and father in law have passed away.
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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