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Topic:Gift received from brothers mother in law is taxable or not ?

AnonymousPosted on 8th January,2021 05:15 PM

Since gift received from brothers mother in law is 11000 which is less than 50000 then why it is taxable

Main Category: STUDENTS | Sub Category: CA final | Reply Count: 2 |
Replies:-

Bhavesh mali says Replied on 17th August,2020 07:31 AM

As per income tax act,1961 brother's mother in law is not a fall in relative defination but theres a 50,000 limit is also madatorry .so receive 11k from brother mother in law is not a taxable because it is less than 50k.

CA Mitesh khurana says Replied on 1st May,2019 06:45 PM

Gift received from brothers mother in law is taxable U/H IFOS subject to the limit of Rs 50,000/-

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