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Mitash (Presales)     01 August 2013

Gift from mother-in-law to daughter in law

Dear Friends,

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?

Thank you.

 



 7 Replies

CA. Kunal Lakhotia

CA. Kunal Lakhotia (ACA)     01 August 2013

it is not taxabe as for ur wife ur mother is a relative.

Mitash

Mitash (Presales)     01 August 2013

Originally posted by : CA. Kunal Lakhotia

it is not taxabe as for ur wife ur mother is a relative.


Are there any tax implication on interest earned from the cash gifted to either my mother or me?

Regards,

Mitash

CA. Kunal Lakhotia

CA. Kunal Lakhotia (ACA)     01 August 2013

yes interest earned by ur mother on the gift given by you is taxable in her hands

PATIL

PATIL (PROPRIETOR)     20 November 2015

interest income earned by your wife on gift is taxable in the hand of her mother in law.

Aditya Shah

Aditya Shah (CA Final student)     22 November 2015

Yes, interest income shall be clubbed as per Section 64(1)(vi)

CS Abhishek Goyal

CS Abhishek Goyal (M Com FCS LLB M-AIMA )     08 December 2015

Interest income on gifted amount will be clubbed with the income of mother in law.
Ishan Kakkar

Ishan Kakkar (Others)     16 February 2017

Originally posted by : PATIL
interest income earned by your wife on gift is taxable in the hand of her mother in law.

If a daughter-in-law receives gift from mother-in-law and earns interest on that amount, how come the interest earned is taxable for the mother-in-law??


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