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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

CA bhargava

CA bhargava (Expert)
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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.

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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03 December 2012 Dear CA Bhargava, gifts received ON THE OCCASION OF MARRIAGE only are exempt, not gifts received throughout the YEAR of marriage.

CA bhargava

CA bhargava (Expert)
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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