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Gift & income tax

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538 Points Posted on 01 January 2024
Dear sir, son in law gift money ( Rs.50 lac) to his mother in law, mother in law pay income tax or not. pls
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On 01 January 2024 at 15:55 Report
Replies (8)
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Accountant
1227 Points Posted on 01 January 2024
No tax payable
5 Reply
On 01 January 2024 at 16:53
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"Do the Right Thing...!!!"
128147 Points Posted on 01 January 2024
No... It's not a taxable income.
It's a gift...
463 Reply
On 01 January 2024 at 19:05
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Profession Business
28207 Points Posted on 01 January 2024
No not blood relation not a gift wrong
44 Reply
On 01 January 2024 at 20:43
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Accountant
1227 Points Posted on 01 January 2024
Please read section 56 2 of income tax act. and definition of relative in it act.
5 Reply
On 01 January 2024 at 21:48
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"Do the Right Thing...!!!"
128147 Points Posted on 01 January 2024
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...

463 Reply
On 01 January 2024 at 21:51
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Practising CA
8954 Points Posted on 01 January 2024

It's taxfree in the hands of mother in law

 

Rgds
CA. Raj Doshi
R C D & Co.
Chartered Accountants
Kandivali West,Mumbai

30 Reply
On 01 January 2024 at 23:23
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538 Points Posted on 02 January 2024
Thanks to all
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On 02 January 2024 at 10:54
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Account
408 Points Posted on 02 January 2024

not taxable as per IT Act...

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On 02 January 2024 at 13:19


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