Is a gift to father in law exempt from tax ?

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Software Engineer
23 Points Posted on 22 May 2018

Hi,

I read that gifts from relatives are exempt from income tax. So does a gift to a father in law also fall under that category?

 

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On 22 May 2018 at 12:40 Report
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SEO Sai Gr. Hosp.
212489 Points Posted on 22 May 2018

Yes.

But gift from PIL to DIL is subject to clubbing provision.....

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On 22 May 2018 at 13:01
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Company Secreatary
3186 Points Posted on 22 May 2018

But will value of the gift be added in the income of the gift receiver for tax calculation?

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On 22 May 2018 at 13:07
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SEO Sai Gr. Hosp.
212489 Points Posted on 22 May 2018
 
But will value of the gift be added in the income of the gift receiver for tax calculation?

 

Not at all, when the gift is received from 'Relatives' as defined in sec. 56(2) of IT act.

Otherwise yes......

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On 22 May 2018 at 13:11
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Software Engineer
23 Points Posted on 22 May 2018

Thank you Dhirajlal Rambhia for your quick response !

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On 22 May 2018 at 13:14
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SEO Sai Gr. Hosp.
212489 Points Posted on 22 May 2018

Most Welcome..........

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On 22 May 2018 at 15:46
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SEO Sai Gr. Hosp.
212489 Points Posted on 22 May 2018

My Pleasure, Dear....

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On 22 May 2018 at 16:40

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