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

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8 Points Posted on 30 July 2020
My clients mother in law gave her 300000 as a gift. So is it taxable or not
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On 30 July 2020 at 12:19 Report
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A client received a £300,000 gift from her mother-in-law and questioned its taxability. According to the Income Tax Act, 1961, gifts received from specified relatives, including a mother-in-law, are exempt from tax. This exemption is covered under Section 56(2) of the Act, with the definition of 'relative' provided in Section 2(41).

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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..
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On 30 July 2020 at 12:30
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8 Points Posted on 30 July 2020
Could you please let me know the section
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On 30 July 2020 at 12:32
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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.
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On 30 July 2020 at 12:41
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363 Points Posted on 30 July 2020
Very right opinion
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On 30 July 2020 at 18:09

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