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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Is a gift to father in law exempt from tax ?
Replies (6)
Yes.
But gift from PIL to DIL is subject to clubbing provision.....
But will value of the gift be added in the income of the gift receiver for tax calculation?
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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......
Thank you Dhirajlal Rambhia for your quick response !
Most Welcome..........
My Pleasure, Dear....
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