How much cash gift through bank transfer is exempted from tax from Father in Law to Daughter in law in a Financial year.
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Tax free cash gift
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50,000 exempt u/s 56(2)(x)
Upto aggregate 50000/- for the year from non-relatives. Daughter in law does not fall in relative defination to Father in law.
50000 rupees
Up to rupees 50000 can be received from any person but in case of relative you receive you can receive any amount
Any gift from relative is completely exempt.
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