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Gift & income tax
Dear sir, son in law gift money ( Rs.50 lac) to his mother in law, mother in law pay income tax or not. pls
Replies (8)
No tax payable
No... It's not a taxable income.
It's a gift...
It's a gift...
No not blood relation not a gift wrong
Please read section 56 2 of income tax act. and definition of relative in it act.
| Originally posted by : Sharath chandra | ||
 |
Please read section 56 2 of income tax act. and definition of relative in it act. |  |
Please don't take his reply related to query or he knows the details based on query...
It's taxfree in the hands of mother in law
Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai
Thanks to all
not taxable as per IT Act...
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