Release/gift to daughter in law by mother in law
This query is : Resolved
P.Madhivadhanan
(Querist)
08 April 2024
Mr.X died in an accident. His leagal heirs are his mother, his wife and his two major children. He purchased out of his own earnings in business during his life time a house and two shops in tamilnadu. Now his mother wants to transfer her unapportioned share to her daughter in law ( i.e., Mrs.X). Mr.X also have father , one brother and one sister. what mode whether release or gift of her share to be made to her daughter in law. Also applicable stamp duty and registration fee in tamilnadu for such transfer.
CA R SEETHARAMAN
(Expert)
08 April 2024
If a daughter-in-law receives a gift from her father-in-law or mother-in-law, the gift is exempt from tax but the income arising from that gift needs to be added to the income of the in-law who gave the gift
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