Go AD-Free with CAclubindia Pro and get Daily WhatsApp Updates. Subscribe Now!

banner_ad

One of my clients get money from her mother in law as a gift. So is it taxable?

148 views 4 replies

Vitesh Goyal

8 Points Posted on 30 July 2020

My clients mother in law gave her 300000 as a gift. So is it taxable or not

Replies (4)

Sagar Patel

Tax and Business Consultant

11616 Points Posted on 30 July 2020

No, Gift recived from Mother in law is not taxable, as it's covered in defination of relatives.
Not taxable..

Vitesh Goyal

8 Points Posted on 30 July 2020

Could you please let me know the section

Sagar Patel

Tax and Business Consultant

11616 Points Posted on 30 July 2020

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.

Avtar Singh

363 Points Posted on 30 July 2020

Very right opinion

CCI Pro

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register

Recent Threads

More recent discussions | Post

Related Threads

Latest Job Openings

View all

Featured 02 May 2026

Senior Executive

hitesh chandwani & co

Pune

B.Com

View Details

Featured 29 April 2026

Manager- Finance and Compliance

Naveen Fintech Pvt Ltd

Kolkata

CA Inter

View Details

Featured 14 April 2026

GST CONSULTANT

Abhishek G Agrawal & Co.

Korba

CA Final

View Details

Featured 13 April 2026

GST CONSULTANCY

Abhishek G Agrawal & Co.

Korba

CA Final

View Details

Featured 28 March 2026

Accountant

Ashok Amol & Associates

New Delhi

B.Com

View Details

Featured 28 March 2026

CA Final

Ashok Amol & Associates

New Delhi

CA Final

View Details

Featured ARTICLESHIP 19 March 2026

Article Assistant

Gupta Sachdeva & Co. Chartered Accountants

New Delhi

CA Final

View Details

Featured 14 March 2026

Associate CA

N N V Satish&co

Hyderabad

CA

View Details