Gift from father in law

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25 April 2015 Can i recieved Gift more than 5 lacs from my father in law about 80 years old, please reply in detail

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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25 April 2015 Gift from relative is exempt from Tax. Father in Law falls within the definition of relative and hence exempted from Tax. Do get the gift deed executed.

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961 (i) spouse of the individual; (ii) brother or sister of the individual; (iii) brother or sister of the spouse of the individual; (iv) brother or sister of either of the parents of the individual; (v) any lineal ascendant or descendant of the individual; (vi) any lineal ascendant or descendant of the spouse of the individual; (vii) spouse of the person referred to in clauses (ii) to (vi)

Read more at: https://www.caclubindia.com/forum/relatives-u-s-56-2-vii-from-whom-gift-is-permissible--98674.asp