Up to what amount can a Mother in Law give to her Daughter in Law. ?
Will any income tax be applicable?
what is the limit?
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Mother in Law To Daughter in Law
Replies (4)
Yes, It's under the definition of relatives as per sec 56(2)
Tax not applicable and no limit.
But, Any values exceeds then gift deed is better option.
Tax not applicable and no limit.
But, Any values exceeds then gift deed is better option.
It is not taxable
However keep in view sec 64 clubbing of income for daughter in law
Exceptions to 56(2)(x) is considered.
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