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Gift & income tax

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538 Points Joined October 2020
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
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Accountant
1227 Points Joined September 2015
No tax payable
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On 01 January 2024 at 16:53
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
No... It's not a taxable income.
It's a gift...
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On 01 January 2024 at 19:05
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Profession Business
28196 Points Joined May 2017
No not blood relation not a gift wrong
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On 01 January 2024 at 20:43
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Accountant
1227 Points Joined September 2015
Please read section 56 2 of income tax act. and definition of relative in it act.
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On 01 January 2024 at 21:48
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"Do the Right Thing...!!!"
128147 Points Joined January 2015
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...

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On 01 January 2024 at 21:51
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Practising CA
8954 Points Joined December 2013

It's taxfree in the hands of mother in law

 

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

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On 01 January 2024 at 23:23
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538 Points Joined October 2020
Thanks to all
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On 02 January 2024 at 10:54
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Account
408 Points Joined July 2022

not taxable as per IT Act...

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On 02 January 2024 at 13:19

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