MY WIFE GIFTED RS 5,00,000/- TO MY MOTHER ( MOTHER IN L AW TO MY WIFE ) FROM HER INCOME . IS MY WIFE CAN EXEMPT TAX FOR THAT AMOUNT
6 Replies
Shivam Maheshwari
(6 Points)
Replied 08 September 2016
sir,
if your wife gifts cash to your mother then that cash gift is just a diversion of the amount and she can not claim it as a tax deduction for gifting money to her mother in law.Though the amount will be exempt in the hands of your mother in law.
FCA surbhi jain
(FCA)
(897 Points)
Replied 08 September 2016
If your wife has gifted cash to her mother in law , that amount will not be taxable in hands of her mother in law...
But your wife cannot claim any deduction for the same...
Thanks
anuradha gupta
(Student )
(23 Points)
Replied 09 September 2016
Your wife cant claim deduction on same but in the hands of mother in law, it shall be fully exempt
Ram M. Dixit
(CA Final (Author))
(376 Points)
Replied 09 September 2016
Since mother-in-law is 'relative' as per explanation to Section 56(2)(vii),
gifted income would be exempt in the hands of your mother.
It is the income of your wife, and would be taxable in her hands.
SSG
(1936 Points)
Replied 11 September 2016
Moreover any income derived by mother, from the money gifted by her daughter in law, will not attract the clubbing provision.
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