ANIL KUMAR KHETAN (PROPRIETOR) (527 Points)
03 February 2019
Meenakshi S
(Self employed)
(198 Points)
Replied 03 February 2019
What I get from your question is, that grandfather of the husband gave a gift to his granddaughter in law. If this is correct, then the gift is completely exempt and no taxability arises. As per income tax law, No tax is applicable if the gift is received from a relative and that relative is included in the definition of relative.
Since any lineal ascendant or descendant of the spouse of the individual is covered in the definition of relative. Therefore it is exempted.
Krishna
(Manager - Genesis Tax Consultant)
(531 Points)
Replied 04 February 2019
ANIL KUMAR KHETAN
(PROPRIETOR)
(527 Points)
Replied 05 February 2019
Meenakshi S
(Self employed)
(198 Points)
Replied 05 February 2019
What have you given her as a gift? It is cash or what?
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LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
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