04 June 2013
Hi, Please give full clarity on the following, An individual receiving gift(Money,50000<) from her daughter in law(Not being son's wife, but spouse sister's daughter) Whether the above money is taxable, if yes on what scenarios the same can be exempt from tax ?
05 June 2013
Any gift more than Rs. 50,000 from the above mentioned relative will be taxable as per the slab.
The above mentioned relative doesnt exactly fit in the definition of exempt relative.
However, the reverse case could be exempted in my opinion. If the individual gifts more than Rs. 50,000 to Spouse's sister's daughter, then it could be exempt for her.
CAclubindia
