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.
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