GIFT

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Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2010 GIFT FROM MOTHER-IN-LAW IS TAXABLE OR NOT ??

PLEASE REPLY AS EARLY AS POSSIBLE

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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18 November 2010 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)

Your case falls in (vi) and hence not taxable.

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Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2010 THANK YOU SIR

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Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2010 SIR GIFT FROM NON-RELATIVE IS TAX FREE UPTO Rs.50,000/-
AM I RIGHT SIR ??

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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18 November 2010 Yes u r correct.

You can also see this useful file from following link---

https://www.caclubindia.com/share_files/synopsis-of-taxability-of-gift-27904.asp

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Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2010 THANKS SIR