My father-in-law wants to gift about 4 lakhs to my wife (married since 1985). My wife is a house wife and has a PAN card of her own. I read in Hindu Business line (August 13, 2007) that cash gift received from blood relatives are exempt from any tax irrespective of the amount. Please clarify.
Gift from Father to his Long married daughter
SATHYANARAYANA DONDETI (Academics) (36 Points)
24 September 2007