gift
This query is : Resolved
01 June 2011
Sir,
I am a widow lady and my father in law having a single own house , where i lived with my my two sons and father in law. Now, My father in law wants to sold this house. Please tell me that can my father in law give me(daughter in law) money as gift to me after receiving the amount on selling the property or not.
I am a widow lady and my father in law having a single own house , where i lived with my my two sons and father in law. Now, My father in law wants to sold this house. Please tell me that can my father in law give me(daughter in law) money as gift to me after receiving the amount on selling the property or not.
01 June 2011
yes, he can .
03 June 2011
the receiving amount will be come under taxable income or not.
03 June 2011
any amount received from relative will not be taxable. father in law comes under the definition of relative.
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