Gift received
Jimcy (Asst Manager Finance & Accounts) (15 Points)
21 July 2020
gift received in cash from sister in law's husband taxable or non taxable..
CA Payal Gupta
(Chartered Accountant)
(154 Points)
Replied 22 July 2020
Hi Jimcy,
This will not be taxable as per section 56, as the amount is received from a relative.
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 22 July 2020
as the Sister in law 's husband is covered in the definition of Relatives so there is no tax on gift received from relative
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 24 July 2020
CAclubindia
