TAX LIABILITY

This query is : Resolved

MANOJ KUMAR JAIN (Querist)
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29 July 2010 ONE OF MY CLIENT RECD. A GIFT RS. 50 LAC FROM HIS FATHER IN LAW, (A.Y. 2011-12)
WHAT IS THE POSITION OF INCOME TAX/GIFT TAX LIABILITY

& ALSO HIS WIFE RECD. A GIFT FOR RS. 50 LAC FROM HER FATHER (A.Y. 2011-12)
WHAT IS THE POSITION OF INCOME TAX/GIFT TAX LIABILITY

Aditya Maheshwari

Aditya Maheshwari (Expert)
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29 July 2010 Amount received will be exempt from tax as the same is not taxable u/s 56(2) as the same is covered in the defination of relative.

Also clubbing provisions will not apply as the same is applicable for amount given to the son’s wife but the above is reverse case.