Gift received

This query is : Resolved

PARESH TIKADIYA (Querist)
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23 May 2014 Sir,

Gift Received from Father in Law (Wife's father) Rs.250000/- is taxable or not.

Gift Received from Father in Law (Wife's father) covered under relative defination or not?

IF it is considered as gift from relatives then gift deed is required to make or not?

Please inform.

CA Chirag Haraniya

CA Chirag Haraniya (Expert)
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23 May 2014 Gift received from father in law in cash is not taxable as its covered under definition of relative.

Its better to draft written gift deed in order to avoid future disputes / litigation with Income Tax Authorities.