Can an individual take from or give Gift to his son-in-law ? Does the son-in-law come to be a relative u/s 56(2) VII of Income Tax Act ?
SM Srivastava (Retired) 28 June 2013
Can an individual take from or give Gift to his son-in-law ? Does the son-in-law come to be a relative u/s 56(2) VII of Income Tax Act ?
Adv Archana Deshmukh (Practicing Advocate) 28 June 2013
Son-in-law is a relative u/s 56(2) VII of Income Tax Act.
VISHNU PROMOD SRIVASTAVA (ADVOCATE) 29 June 2013
Yes, an individual can receive/ give gift from/ to his son in law under the provisions of section 56(2) vi of I T Act, 1961
Arpit lalan (Legal Consultancy/Advocate) 02 July 2013
Individual can receive/give gift to/from Son in law as per income tax act. Provision under Sec.56(2) of the said act. Defination of Relative includes SON-IN-LAW.
prakharved (Medical officer) 04 July 2013
@sm srivastava
Yes, gift can be given to our son in law by means of a gift deed. If it is a property, it should be registered in your name, also, it should have been in your possession for the past 30 years to execute a gift deed.
Answer to the second question is yes.
Regards
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