tax saving on gift
This query is : Resolved
17 September 2016
Suppose father in law has given 200000 cash as a gift to daughter in law to save his tax but now daughter in law is coming in high tax slab rate. Can some one plz tell me how she can save tax
17 September 2016
Gift received from relatives are fully exempted from tax, irrespective of amount. Father in law comes in the definition of relative, hence the amount is fully exempted in the hands of daughter in law.
05 October 2021
Father in law has given gift to DIL; but do not worry, as per clubbing provision, the income over the gifted amount will be taxed in the hands of FIL.
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