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Amaranath (Asst.)     14 June 2021

Gift from husband and mother in law

mother-in-law (husband's mother) can give gift of rs. 10 lakhs, it's taxable or non taxable, any limit is their

husband can gift to his wife, can give gift of rs. 10 lakhs, it's taxable or non taxable, any limit is their


 8 Replies

Sourav

Sourav (Student)     14 June 2021

Not taxable as it comes under relatives category
Sivaramaraju G

Sivaramaraju G (Learner)     14 June 2021

In both situations receiver of gift is not liable to tax as mother in law and husband are relatives to her as per IT Act.
Shankar Rugge

Shankar Rugge   15 June 2021

husband gift if kept fd then int is clubbed with husband. But int on int is not clubbed

Ankit Neema

Ankit Neema   15 June 2021

No, same is not taxable
Jonoy

Jonoy (B.Com, CA Final)     15 June 2021

As per Section 56 of the Income Tax Act Gifts received from relatives are exempt from tax. Relative ​includes--spouse, brother or sister, brother or sister of the spouse, brother or sister of either of the parents, any lineal ascendant or descendent, any lineal ascendant or descendent of the spouse, spouse of the persons referred above.

Shankar Rugge

Shankar Rugge   16 June 2021

Yes. Gift received is not taxable. But income arising out of GIFT when invested in FD etc is clubbed with the husband income in case of gift to spouse if she happens to be housewife with no source of income.

veerendar singh

veerendar singh (tax consultant)     16 June 2021

Shankar has a valid point.
pls tell us what would she do with the gift
Shankar Rugge

Shankar Rugge   17 June 2021

she can consider it as loan and start doing share trading or any other business or buy something for her. Other way is she can make fd and reinvest its int. Int earned on int is her income which she can use it the way she wants


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