Received amount from father-in-law
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 December 2012
Hi,
on 7th May 2012, I have received 100000/-
from my father-in-law by cheque deposit in my bank account after registry marriage.I am Hindu by religion.
I want to know is it taxable under the indian it act. I am male and received money from my wifes's father.
If my father-in-law declares it as gift by gift deed will there be exemption of tax, Please advise
on 7th May 2012, I have received 100000/-
from my father-in-law by cheque deposit in my bank account after registry marriage.I am Hindu by religion.
I want to know is it taxable under the indian it act. I am male and received money from my wifes's father.
If my father-in-law declares it as gift by gift deed will there be exemption of tax, Please advise
03 December 2012
Taxation of gifts is governed by Section 56(2)(vii).
Gifts received from RELATIVES are exempt in the hands of an individual.
Father-in-law is a relative for the purpose of Section 56(2)(vii) and accordingly any amount received from him is NOT taxable.
Gifts received from RELATIVES are exempt in the hands of an individual.
Father-in-law is a relative for the purpose of Section 56(2)(vii) and accordingly any amount received from him is NOT taxable.
03 December 2012
I agree with the expert and also., in the Year of Marriage ., any gifts received by you from persons other than relatives are also expemt.
03 December 2012
Dear CA Bhargava, gifts received ON THE OCCASION OF MARRIAGE only are exempt, not gifts received throughout the YEAR of marriage.
03 December 2012
This is like a small beneficial clause to claim the gifts received in the year of marriage as the gifts from marriage and claim exemption
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