Monther in law gift to son in law

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ACCOUNTANT
131 Points Posted on 21 February 2021
sir mother in law gift to son in law this is gift taxable or exempted in income tax
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On 21 February 2021 at 16:19 Report
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This discussion clarifies the tax implications of a gift from a mother-in-law to her son-in-law. While a son-in-law isn't a 'specified relative' in the strictest sense, he is considered a relative through the spouse. Therefore, gifts received from a mother-in-law are generally exempt from income tax, regardless of the amount.

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17269 Points Posted on 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.

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On 22 February 2021 at 11:29
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Chartered Accountant
24588 Points Posted on 22 February 2021
Agree with pravin
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On 22 February 2021 at 22:40
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363 Points Posted on 23 February 2021
Sir, Son in law is a relative as per definition, so no tax liability arise in any way
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On 23 February 2021 at 08:02
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Manager
124 Points Posted on 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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On 23 February 2021 at 11:38

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