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Gift Received from father in Law


Abhishek Sharma   10 October 2019

Abhishek Sharma

 2 likes  35 points

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if someone received amount of Rs 15lacs as a gift from his father in law, so is it taxable or not

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Anil Ravipudi (student)     10 October 2019

Anil Ravipudi
student 
 44 likes  284 points

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No. Its tax exempt u/s. 56(2)(x) of IT act.

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Abhishek Sharma   10 October 2019

Abhishek Sharma

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But gift amount exceed above 50k

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Suresh Thiyagarajan (Student)     10 October 2019

Suresh Thiyagarajan
Student 
 250 likes  3951 points

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1. As per sec 56(2)(x), any gift received where the monetary value of such gift or cash amount exceeds Rs. 50,000 during the year then the entire amount will be subject to tax under the head Income from other sources. 
2. However, the above provision will not be applicable if the gift is received from relatives. 
3. In your case, father in law will be considered as relative for the purpose of sec 56(2)(x). Hence Rs. 15 lakhs received from him will not be subject to tax during the year. 
Please correct me if the above solution has an alternative view. 


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