What is the Income tax implication if a daughter - in - law gifts an amount of rs. 150.000 to her Mother - in - law. Does the income tax defination of " Relative " cover the above ( Husband's lineal ascendent)
16 January 2009
I suppose it is exempt since relationship betweeen donor (daughter-in-law) and donee (mother-in-law)is covered under or that of the following:
"Any lineal ascendant or descedant of the spouse of the individual"
CAclubindia
