Gift
This query is : Resolved
11 February 2012
Dear Sir,
if my father & mother recd Rs.500000 each from my jijaji as gift through notry stamp deed , is this amount tax free for him or they have to file income tax return & deposit tax on this amount.
also is this amount will add in jijaji income or not.
pls give me reply.
if my father & mother recd Rs.500000 each from my jijaji as gift through notry stamp deed , is this amount tax free for him or they have to file income tax return & deposit tax on this amount.
also is this amount will add in jijaji income or not.
pls give me reply.
11 February 2012
The amount of gift reced from the son in law is not taxable as he shall be covered as a relative under section 56..
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