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Gift received from mother in law
Sir,
I have received Rs. 5,00,000 /- and my wife received Rs. 3,00,000 /-. We both received from my mother in law. Now my question is that -
Will it taxable in the hands of myself or my wife?
Can my mother in law get deduction for this purpose.
Amount transfer through bank account.
Replies (2)
Such a receipt is exempt. Since the income is exempt itself, there is no requirement to even think about deduction.
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.
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