clubbing related
This query is : Resolved
Apurva Gupta
(Querist)
17 September 2016
whn mother in law gives a gift amounting rs 15 lakh to daughter in law. is it taxable?
if It is then under who's hand
CA SAGAR M. AHUJA
(Expert)
17 September 2016
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)
Mother in Laws is covered under relative as per above definition so gift received is exempt from tax.
Thanks.
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)
Mother in Laws is covered under relative as per above definition so gift received is exempt from tax.
Thanks.
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Apurva Gupta
(Querist)
17 September 2016
thank you sir.
one more query
is there clubbing provision is applicable?
CA SAGAR M. AHUJA
(Expert)
17 September 2016
There is no need to think for the same as full amount is exempt from tax
Apurva Gupta
(Querist)
17 September 2016
OK sir thank you
Apurva Gupta
(Querist)
17 September 2016
sir if son gives a gift to his mother then on that gift if any income arise than that income under who's hand taxable?
CA SAGAR M. AHUJA
(Expert)
19 September 2016
The income from gifted money is taxed in the hands of Mother only, No clubbing provisions will be applicable for gift given to parents and if they earned money from the same by investing it.
Thanks.
Thanks.
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