Gift taxability
This query is : Resolved
16 December 2014
is gift given to mother in law by daughter in law exempt
16 December 2014
Yes it is exempt.......
16 December 2014
n what if daughter in law gives to mother in law
16 December 2014
It is covered under the definition of RELATIVE. And hence there is no any limit on the amount of gift. Sec 56 does NOT come into play.....meaning in layman's language...."GIFT is exempt."
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