Gift & income tax
Tapas Samadder (536 Points)
01 January 2024
Dear sir, son in law gift money ( Rs.50 lac) to his mother in law, mother in law pay income tax or not. pls
8 Replies
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 01 January 2024
No... It's not a taxable income.
It's a gift...
It's a gift...
Sharath chandra
(Accountant)
(1227 Points)
Replied 01 January 2024
Please read section 56 2 of income tax act. and definition of relative in it act.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 01 January 2024
| Originally posted by : Sharath chandra | ||
 |
Please read section 56 2 of income tax act. and definition of relative in it act. |  |
Please don't take his reply related to query or he knows the details based on query...
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 01 January 2024
It's taxfree in the hands of mother in law
Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai
Recent Topics
- GST Invoices Series
- FILING OF ITR AY 20-21
- CLAIMING OF U CLAIMED RCM
- Building construction works
- REGARDING GSTR-9 F.Y 2023-24
- Rectification to decrease income in SCHEDULE OS
- Can Statutory Auditor of a subsidiary become concu
- Client Asking for the Revised Invoice
- Share office desk in bkc, near family court
- 80D claim for payment paid by parent
Related Threads
CAclubindia
