banner_ad

Gift Received from father in Law

Others 882 views 3 replies

if someone received amount of Rs 15lacs as a gift from his father in law, so is it taxable or not

Replies (3)

No. Its tax exempt u/s. 56(2)(x) of IT act.

But gift amount exceed above 50k

1. As per sec 56(2)(x), any gift received where the monetary value of such gift or cash amount exceeds Rs. 50,000 during the year then the entire amount will be subject to tax under the head Income from other sources. 
2. However, the above provision will not be applicable if the gift is received from relatives. 
3. In your case, father in law will be considered as relative for the purpose of sec 56(2)(x). Hence Rs. 15 lakhs received from him will not be subject to tax during the year. 
Please correct me if the above solution has an alternative view. 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details