Gift received from mother in law
Dipankar Chakraborty (407 Points)
09 September 2016Dipankar Chakraborty (407 Points)
09 September 2016
CMA-FINAL
(Adv.)
(243 Points)
Replied 09 September 2016
Such a receipt is exempt. Since the income is exempt itself, there is no requirement to even think about deduction.
CA Rahul Mor
(Chartered Accountant)
(173 Points)
Replied 09 September 2016
Gift received from relative is exempt U/s 56(2) since mother in law cover under relative therefore gift received by you and your wife is exempt u/s 56(v) further no question arrise of deduction.