Hi Friends, Please clear my doubt i.e.
1. Gift from Mother of Mother in law to grand daughter in law is exempt under IT Act.
2. Gift from Mother of Mother in law (Nani) to Grand Daughter (Major) is exempt under IT Act.
Reply me at ther earlier.
Gifts received from relatives are exempted as per Income Tax Act. The Relatives as per income tax act are:
- brother/sister of spouse
- brother/ sister of either of parents
- lineal ascendents/descendents
- lineal ascendents/descendents of spouse
- spouse of persons mentioned above
In your question, Since, the gift is received from Mother of Mother in law (this comes under point 6 above) the gift is exempted.