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.
it is not taxabe as for ur wife ur mother is a relative.
| Originally posted by : CA. Kunal Lakhotia | ||
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it is not taxabe as for ur wife ur mother is a relative. |
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Are there any tax implication on interest earned from the cash gifted to either my mother or me?
Regards,
Mitash
yes interest earned by ur mother on the gift given by you is taxable in her hands
interest income earned by your wife on gift is taxable in the hand of her mother in law.
Yes, interest income shall be clubbed as per Section 64(1)(vi)
| Originally posted by : PATIL | ||
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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??
CAclubindia
