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GIFT FROM SON-IN-LAW

This query is : Resolved 
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(Querist)
19 March 2010 WHETHER GIFT RECEIVED FROM FATHER-IN-LAW IS EXEMPTED FROM INCOME TAX OR NOT.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
19 March 2010 It is not taxable u/s 56(2). henece it is exempt from tax as gift is received from lineal ascendant or descendant of the spouse of the individual.
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
19 March 2010 agree
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
19 March 2010 Exempted

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