can i give gifts to my mother in law for Rs 500000/- is this right income tax point of view
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gift
Replies (4)
The person whom you are making gift is covers under the Defination of a "Relative" ,so therefore there is not any possibility of applicability of tax on the same.
Gift offered to relatives are not taxable
Gift offered to relatives are not taxable
There is no problem in gifting this amount.
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