Gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 December 2015
Sir,
can a mother in law give gift to a daughter in law and is it exempt from income tax.
please tell me in detail.
Thanking you
can a mother in law give gift to a daughter in law and is it exempt from income tax.
please tell me in detail.
Thanking you
15 December 2015
Gift amount is not taxable but the income arising to "Bahu-Daughter-in-law" from the amount gifted will be clubbed in the income of " Saas-Mother-in-Law" by virtue of Section 64(1)(vi).
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15 December 2015
Yes. Gift given from mother in law to daughter in law is fully exempt from Tax.
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)
(vi) will be applicable in your case.
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)
(vi) will be applicable in your case.
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