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Gift tax
Can a Mother in law gift amounting tors 20 Lakh. The Mother in law is a tax payer filling regular returns.Will the amount be taxable in the hand of daughter in law and interest arising will be clubbed with the income of mother in law or it will be taxable in the hand of daughter in law.
Replies (3)
Total Amount is tax free and it will not added with mother in law income as per section 56(2) Of I T Act 1961.
AMOUNT GIFTED BY MOTHE IN LAW WILL BE TAX FREE BUT INTERST INCOME ARISING ON THE GIFTED AMOUNT WILL BE TAXABLE IN THE HANDS OF MOTHER IN LAW.
Agree with Suresh....
Here clubbing provision will apply and interest income arising on the gifted amount will be taxable in mother in law hand.
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