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
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Gift from husband and mother in law
Replies (9)
Quick Summary
Not taxable as it comes under relatives category
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.
husband gift if kept fd then int is clubbed with husband. But int on int is not clubbed
No, same is not taxable
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.
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.
Shankar has a valid point.
pls tell us what would she do with the gift
pls tell us what would she do with the gift
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
husband and mother in law can give gifts and the same would be tax free.
however, if you are to receive gifts in the form of some objects, like tv, freezer or car then you can receive them from non relatives as well. it wont be taxable.
usually friends living in different cities prefer to buy something online for gifting. if you are to receive such gifts then it wont be taxable irrespective of the relationship with the person gifting you.
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