WHETHER GIFT RECEIVED FROM FATHER IN LAW (WIFE'S FATHER) IS EXEMPT UNDER INCOME TAX ACT.
Gifts from relatives
Ashwini (ARTICLE ASSISTANT ) (195 Points)
23 September 2016
1 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(178301 Points)
Replied 23 September 2016
Yes, tax exempt as from 'relative' u/s. 56(2)(vi) sub sec.(vi) any lineal ascendant or descendant of the spouse of the individual
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