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Gift recived by mother in law
My mother in law gifted me some money.we prepared gift deed.I want to know that it is taxable or not .
Replies (6)
Mother in-law covered in the definition relative. so there's no tax implications
It's exempt income no tax liability.
In which section it is exempt and how much money can be considered as exempt amount
It's exempt u/s 56(2)(x) of income tax act, 1961
Total amount (no limit) is exempt from tax
Required to Prepare Gift deed for same
Total amount (no limit) is exempt from tax
Required to Prepare Gift deed for same
If income earned by daughter in law from the gift which was given by mother in law...is there applicability of clubbing provision of income earned from the gift income.
Yes clubbing applicable to mother in law
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