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One of my clients get money from her mother in law as a gift. So is it taxable?
My clients mother in law gave her 300000 as a gift. So is it taxable or not
Replies (4)
Quick Summary
No, Gift recived from Mother in law is not taxable, as it's covered in defination of relatives.
Not taxable..
Not taxable..
Could you please let me know the section
Gift from relative is exempt as per Section. 56(2) of Income tax Act, 1961.
Defination of relative is given under Section. 2(41) of Income tax Act, 1961.
Defination of relative is given under Section. 2(41) of Income tax Act, 1961.
Very right opinion
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