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).
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)
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