Gift/loan from wife's father
This query is : Resolved
22 July 2014
Dear Expert,
I have taken some amount(more than Rs 50000/-) from my wife's father (father-in-law) for household use.
Will it be taxable for me?
Where to show this amount in IT return form?
Is it acceptable to prepare a gift/Loan deed on plain paper?
Please do the needful.
I have taken some amount(more than Rs 50000/-) from my wife's father (father-in-law) for household use.
Will it be taxable for me?
Where to show this amount in IT return form?
Is it acceptable to prepare a gift/Loan deed on plain paper?
Please do the needful.
22 July 2014
Gift received from Father in Law is not taxable in your hand. Prepare a gift deed for record. Gift deed should be prepared on Stamp paper.
31 July 2014
Show in Exempted Income Sheet under the head others.
01 August 2014
Sorry but
1) As per section 2, any sum of money or any property received from any relative is not covered in defination of "Income"
2) As per section 56, any sum of money or any property received from any relative
is not an "Income from other sources"
3) Section 10 does not cover any sum of money or any property received from any relative
So my query is, if it is not an income at all, then how it should be shown as Exempted Income.
Can you please let me know under which section/rule "any sum of money or any property received from any relative" needs to be show as Exempted Income?
1) As per section 2, any sum of money or any property received from any relative is not covered in defination of "Income"
2) As per section 56, any sum of money or any property received from any relative
is not an "Income from other sources"
3) Section 10 does not cover any sum of money or any property received from any relative
So my query is, if it is not an income at all, then how it should be shown as Exempted Income.
Can you please let me know under which section/rule "any sum of money or any property received from any relative" needs to be show as Exempted Income?
01 August 2014
Some gifts are taxable some gift are not taxable. Taxable Gifts are taxes as Income from Other sources. Therefore exempted gifts are to be shown under Exempted Income as per my understanding.
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