Menu
Gift received from mother in law
Sir,
I have received Rs. 5,00,000 /- and my wife received Rs. 3,00,000 /-. We both received from my mother in law. Now my question is that -
Will it taxable in the hands of myself or my wife?
Can my mother in law get deduction for this purpose.
Amount transfer through bank account.
Replies (2)
Such a receipt is exempt. Since the income is exempt itself, there is no requirement to even think about deduction.
Gift received from relative is exempt U/s 56(2) since mother in law cover under relative therefore gift received by you and your wife is exempt u/s 56(v) further no question arrise of deduction.
Recent Threads
- What's CGAS?
- A Comprehensive Guide to Modern Digital Marketing
- Income tax status
- Demand raised for 'Self assessment tax' amount AY2
- TDS payment using Form 26QB when buying property o
- Export sales not realised payment not received fro
- RCM related queries
- Negative Export Value in GSTR 3B
- Income tax intimation -AY 24-25
- Tax Implications of Alumni Union (R) under Society
Related Threads
CAclubindia
