Gift tax
This query is : Resolved
03 October 2012
Can daughter or son in law can give gift to mother or mother in law.
03 October 2012
Yes Gift can be made and the same will be exempt in the hand of recipient.
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)
Read more at: https://www.caclubindia.com/forum/relatives-u-s-56-2-vii-from-whom-gift-is-permissible--98674.asp#.UGviPpjMgl8
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)
Read more at: https://www.caclubindia.com/forum/relatives-u-s-56-2-vii-from-whom-gift-is-permissible--98674.asp#.UGviPpjMgl8
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