Gift tax
nitish kumar (Executive - finance) (37 Points)
09 December 2016nitish kumar (Executive - finance) (37 Points)
09 December 2016
NILESH VIJAYKUMAR PARBHANKAR
(STUDENT)
(25 Points)
Replied 09 December 2016
Total Amount is tax free and it will not added with mother in law income as per section 56(2) Of I T Act 1961.
suresh
(proprietor)
(425 Points)
Replied 09 December 2016
AMOUNT GIFTED BY MOTHE IN LAW WILL BE TAX FREE BUT INTERST INCOME ARISING ON THE GIFTED AMOUNT WILL BE TAXABLE IN THE HANDS OF MOTHER IN LAW.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 12 December 2016
Agree with Suresh....
Here clubbing provision will apply and interest income arising on the gifted amount will be taxable in mother in law hand.