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
Menu
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
Recent Topic
- Recharge employee cost
- Einvoice clarification - RCM
- ITR-1 Professional Tax and deduction data field ke
- SFT-005 No FD done..still ICICI reported 24 lakhs
- Tax in dubai
- Refund of GST paid in case of customer defaulting
- How to mention Debt fund STCG in ITR2
- Income tax payment on RBI 7.75% Savings (Taxable)
- Can input claim on purchase of Motor Bike.
- ITC claim mismatch notice tax pay question
Related Topics
CAclubindia
