Cash Gift by Father in Law to Daughter in Law
This query is : Resolved
Quick Summary
Ajaykumar Chaudhary
(Querist)
23 October 2020
Hi Experts,
If Father in Law gives Cash gift more than Rs. 50,000/- to his Daughter in Law, is it taxable for Daughter in Law? Whether clubbing of income concept may be attracted?
Waiting for your views.
If Father in Law gives Cash gift more than Rs. 50,000/- to his Daughter in Law, is it taxable for Daughter in Law? Whether clubbing of income concept may be attracted?
Waiting for your views.
K Srinivas, CMA CS
(Expert)
23 October 2020
Gifts from relatives is exempt from tax
Prakash Kochar
(Expert)
28 October 2020
Gift amount will not be taxable being relative.
Income from gifted amount will be covered u/s. 64 of I Tax Act -Clubbing provision.
Income from gifted amount will be covered u/s. 64 of I Tax Act -Clubbing provision.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Gst credit note by supplier
- Missed uploading GST Invoice
- Query on effect of registration of property
- GST on reimbursement of expenses
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Whether output tax is taken credit by purchaser
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Additional trade name
- Visiting card purchase
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
