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Taxability of gift
i want to know...
what is status of GIFT given by a COUSIN FATHER IN LAW (father in laws brother) >> (CHACHA SASUR) to his daughter in law of his real brother.?
whether it tantamounts to gift to RELATIVE
and clubbed with COUSIN FATHER-IN LAW or
is a third party GIFT> u/s 56 which is taxable beyond Rs.50000 ...pl enlighten..
Replies (2)
its not come under relative category...as per sec 56.
It is non-taxable IF given at the time of marriage.
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