Can I take gift worth RS 10 lakh from my brother in law

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Can I take gift worth RS 10 lakh from my brother in law

Can I take RS 10 lakh gift from my brother in law ,n when is gift deed needed to be written , in the same dinancial year or it can be written later also in next financial year too

Profile photo of VIKAS Asked By: Anonymous 1 replies 1 helpful answers Last Updated: 10 months, 2 weeks ago
  • Profile photo of VIKASAnonymous

    Can I take RS 10 lakh gift from my brother in law ,n when is gift deed needed to be written , in the same dinancial year or it can be written later also in next financial year too

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    For the purposes of section 56 below are the covered relative —

    • spouse of the individual;
    • brother or sister of the individual;
    • brother or sister of the spouse of the individual;
    • brother or sister of either of the parents of the individual;
    • any lineal ascendant or descendant of the individual;
    • any lineal ascendant or descendant of the spouse of the individual;
    • spouse of the person referred to in clauses 2 to 6;

    So you can take any gift from your brother in law without any tax implication.

    It is advisable to take the gift in your spouse name if he or she is falling in lower tax bracket than you as it can help you save taxes on any future income derived from such gift.

    Ideally, the gift deed should be executed before or at the time of receipt of such gift.

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