My Father in law pays lump sum amounts directly into my car loan account. On an average, he will pay about 2 lakhs this year. Do I need to add this to my Income?
1 Answers
There is no income tax on gift amount received from father in law.
But for legal reasons, its better to get a gift deed prepared, which says your father in law is gifting you this amount without any consideration. It should be signed by both of you and two witnesses.
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