Gift from wifes brother

Gift rcvd from relative is exempt. Your wife's brother is coming in the defination of relative.

And you can take any amount.

1-Gift received from brother or sister of the spouse of the individual is exempt. 2- spouse of the individual. 3- brother or sister of the individual 4- brother or sister of either of the parents of the individual.

Gift from wife's brother shall be exempt in your hands. It is better to make a document supporting this transaction.

there is no cap on amount of gift. wife's brother comes under the definition of relative so it is exempted.

In said case inform regarding stamp value of gift deed.

In said case inform regarding stamp value of gift deed

Hello, Cases of gift involving sum of money are covered by sec 56(2)(vii)(a), where the aggregate sum of money received by individual of HUF exceeding rs. 50000 in any p.y. is taxable wholly in the hands of the receiving assessee. However this sub clause is not applicable in case where such sum is received from any relative (specified person). Relative for this purpose includes bothers or sister of the spouse of the individual. Thus no levy of tax in the hands of the assessee receiving such sum of money. Also Sec 4(5A) of wealth tax will not attracted in hands of the assessee gifting, as the transaction is effected my cheque.

Please note typing error into he above reply Individual 'or' Huf

Relatives of an assesse includes A) spouse of the individual B) brother and sister of individual C) brother or sister of the spouse of the individual D) brother or sister of either of the parent of the individual E) any lineal ascendant or descendant of the individual F) any lineal ascendant or descendant of spouse of the individual G) spouse of the person referred to in clauses(b) to (f) above