Dear sir
Last FY, I received a gift of R's.1 lakh from my sister's husband by cheque and I put this as Deposit in bank for short term.
I added this in my capital.
Is there any tax on this gift, I have to pay.
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 26 July 2016
Since your sister's husband falls under the definition of relative, any gift received from relatives is not taxable in your hands. But interest on such FD would be taxable in your hands under IFOS
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