What are the tax implications If the mother-in-law gifts cash to daughter-in-law.(Gift from my mother to my wife).
1. Is it taxable in the hands of dauther-in-law even if she does not fall in tax bracket?
2. If there is income generated from gifted amount through interests, is that income taxable?
3. If this income is taxable, will it be clubbed with the income of mother-in-law or her husband's income?