Hi Friends,
Please clear my doubt i.e.
1. Gift from Mother of Mother in law to grand daughter in law is exempt under IT Act.
2. Gift from Mother of Mother in law (Nani) to Grand Daughter (Major) is exempt under IT Act.
Reply me at ther earliest
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Exemption of gift
Replies (1)
the relations you have mentioned in your questiones are not covered under defination of relative
hence gift is taxable in the hands of daughter if the same is exceeds INR 50000/- during the year
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