Meaning of relative

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SHILPA MAHAJAN (Querist)
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07 March 2013 Whether for the meaning of relative mentioned under explanation to sec 56 of income tax act, parents of individual includes in-laws of the individual.?

To further clarify for pt (iv) brother or sister of either of the parents of the individual, whether here parents will include in laws of the individual?

Ankit

Ankit (Expert)
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07 March 2013 Dear Shilpa,

Yes relative includes parents of in laws since clause (vi) any lineal ascendant or descendant of the spouse of the individual

SHILPA MAHAJAN

SHILPA MAHAJAN (Querist)
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07 March 2013 take an example:
will a gift of Rs 100000.00 taken by a lady from her husband's chachi ji will be exempt under this section?

CA. PIYUSH GOEL

CA. PIYUSH GOEL (Expert)
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08 March 2013 dear shilpa,

inn your case gift is not exempt u/s 56 because in explanation to sec. 56 parents of spouse is covered but brother and sister of parents of spouse is not covered.