Monther in law gift to son in law
ARVIND (ACCOUNTANT) (131 Points)
21 February 2021
sir mother in law gift to son in law this is gift taxable or exempted in income tax
4 Replies
Kapadia Pravin
(17264 Points)
Replied 22 February 2021
Gift to specified relative is exempt. Otherwise aggregate gifts from non-relatives is exempt upto 50000/-. Beyond that, total amount is taxable.
son in law is not specified relative of mother in law.
Avtar Singh
(363 Points)
Replied 23 February 2021
Sir, Son in law is a relative as per definition, so no tax liability arise in any way
Josh
(Manager)
(124 Points)
Replied 23 February 2021
Gift can be received from any lineal ascendant or descendant of the spouse of the individual. Mother of spouse (mother in law) is lineal ascendant. Hence mother in law is a specified relative.
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