A Kolkata tax court has recently ruled that a large gift from a brother-in-law is completely exempt from income tax, even if no formal gift deed was created. The Income Tax Appellate Tribunal (ITAT) in Kolkata recently ordered in favour of a person, overturning a decision by tax authorities to add Rs 80 lakh to his taxable income. The assessee had received a substantial sum as a gift from his brother-in-law (sister's husband). While the gift was transferred through banking channels, tax officials had questioned the transaction, arguing that the transfer wasn't validly documented and that the source of the money was unclear.