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Gift by mother in law to daughter in law

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Querist : Anonymous (Querist)
09 December 2016 what will be tax implication for gift given by Mother in law to daughter in law amounting to Rs.20 lakh and treatment of interest arising by depositing the amount in bank in FD form.Whether clubbing of income provision will attract.
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Riddhi Kadhiwala

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Riddhi Kadhiwala (Expert)
09 December 2016 Gift given by Mother in Law to Daughter in law is exempt u/s.56(2). Interest earned on Investment made from such Gift by daughter in law is taxable in the hands of daughter in law. Clubbing provision will not be apply on it
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