banner_ad

Gift Received from father in Law

Others 883 views 3 replies

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

Replies (3)

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

But gift amount exceed above 50k

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. 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details