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Gift recived by mother in law

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10 Points Posted on 13 October 2020
My mother in law gifted me some money.we prepared gift deed.I want to know that it is taxable or not .
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On 13 October 2020 at 23:49 Report
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12244 Points Posted on 14 October 2020
Mother in-law covered in the definition relative. so there's no tax implications
35 Reply
On 14 October 2020 at 02:26
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Chartered Accountants
75 Points Posted on 14 October 2020
It's exempt income no tax liability.
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On 14 October 2020 at 06:52
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10 Points Posted on 14 October 2020
In which section it is exempt and how much money can be considered as exempt amount
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On 14 October 2020 at 16:06
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Chief Accountant
3150 Points Posted on 14 October 2020
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
9 Reply
On 14 October 2020 at 18:33
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10 Points Posted on 14 October 2020
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.
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On 14 October 2020 at 19:00
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Tax consultant
5895 Points Posted on 16 October 2020
Yes clubbing applicable to mother in law
57 Reply
On 16 October 2020 at 00:18


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