In this study, we use the first-principle calculations of density functional theory with gradient generalized approximation of Wu-Cohen to investigate the doping effect of vanadium impurity on structural, electronic and magnetic properties of In 1−x V x P and B 1−x V x P alloys at various concentrations x = 0.0625, 0.125 and 0.25. Owing to the metallic nature of majority spin and semiconducting minority spin, the In 1−x V x P compounds exhibit a halfmetallic character with total magnetic moments of 2 μ B , while the B 1−x V x P has metallic nature for all concentrations. The results of exchange parameters revealed that exchange coupling between vanadium atoms and the conduction band is ferromagnetic, confirming the magnetic feature of In 1−x V x P and B 1−x V x P. From our findings, we have predicted that the In 1−x V x P alloys seem to be potential materials for spintronics.