As per my information any Cash Gift from Father-in-law to Son-in-law after Marriage is Taxable at the hand of Son-In_Law.
Am I correct or has there been any change in Gift Tax.
If there is no Gift Tax in the above please inform the Section of Act also.
Which donors' gifts are exempt?
There is exemption for gifts received from certain people. The gifts that one receives from relatives on the occasion of marriage, the gifts receives from parents and grand parents, the gift received by a daughter-in-law from her parents-in-law, and gifts received by way of a will and inheritance are exempt.
The gifts received by a son-in-law from his parent-in-law will be taxed.
A Non-Resident Indian can gift to his/her parents in India from their NRE (Non-Resident External) account without their parents suffering any tax.
as per my understanding.
In bold line its saying,
any lineal ascendant or descendant of the spouse of the individual;
means
if the asseessee is male, than his wife's ascendant and descendant can give gift
like wise
if the asseessee is female, than her husband's ascendant and descendant can give gift.
| Originally posted by : vkbothra | ||
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Provided that this clause shall not apply to any sum of money received (a) from any relative; or (b) on the occasion of the marriage of the individual; or (c) under a will or by way of inheritance; or (d) in contemplation of death of the payer; or (e) from any local authority as defined in the Explanation to clause (20) of section 10; or (f) from any fund or foundation or university or other educational institution or hospital or other medical institution or any trust or institution referred to in clause (23C) of section 10; or (g) from any trust or institution registered under section 12AA. Explanation.For the purposes of this clause, relative means (i) spouse of the individual; (ii) brother or sister of the individual; (iii) brother or sister of the spouse of the individual; (iv) brother or sister of either of the parents of the individual; (v) any lineal ascendant or descendant of the individual; (vi) any lineal ascendant or descendant of the spouse of the individual; (vii) spouse of the person referred to in clauses (ii) to (vi);] |
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SO IT IS NOT TAXABLE IN THE HAND OF SON IN LAW.........
IT IS NOT TAXABLE IN THE HAND OF SON IN LAW.........
CAclubindia
