Apparently, a prominent TV tax program has stated that the definition of a relative under section 56(2)(vi) does not include female ascendants or descendants. That is, while a paternal grandfather (dada) can give a gift of Over Rs. 50,000 to his grandson without any tax consequences for the grandson, a maternal grandfather (nana) cannot do so. Similarly, a son-in-law cannot give or receive a gift from his mother-in-law.

As I read the definition (below), this is how "relative" is defined under 56 (2) (vi):

For the purposes of this clause, "relative" means—

(i) spouse of the individual;

(ii) brother or sister of the individual;

(iii) brother or sister of the spouse of the individual;

(iv) brother or sister of either of the parents of the individual;

(v) any lineal ascendant or descendant of the individual;

(vi) any lineal ascendant or descendant of the spouse of the individual;

(vii) spouse of the person referred to in clauses (ii) to (vi).

Webster's Dictionary defines Lineal as: "consisting of or being in a direct male or female line of ancestry", specifically supporting my contention that both male and female relatives would qualify.

What do the Experts think? Is there any case law to support this? If you agree, should we write to this prominent TV personality to correct the misunderstanding?

Many thanks.

I just want to know that why we transfer profit from P&L a/c to general reserve As the both are free reserve??

I M SALARIED AND I HAVE EARNED APPROX RS. 3000/-INTT ON SAVING AND FD KINDLY LET ME KNOW IS IT COMPULSORY TO SHOW AS INCOME

IF ANY PVY LTD CO SUFFERED FROM LOSS AND STRIKE OFF IN THE MID OF THE YEAR IS IT COMPULSORY FOR THAT COMPANY TO FILE ITR FOR THAT MID PERIOD OR NOT.

Hello Sir,

I am Tarun Meena from Jaipur, I am working as MIS Specialist for RAY project - which is run by Government of India.

We are Getting salary from RUIFDCO, and they deduct Tax under section 194J.

We are on contract employee and RUIFDCO pay us fix salary as per agreement which we sign with them at time of joining.

We think we come under 192 section in place of 194J, as we get fix amount in terms of salary...

Can you pls provide more details related to above topic.

Regards
Tarun

My uncle have Income from House property[housing loan interest], Income from Profession[Homoeo Doctor] and Income from other sources[ Winnings from Lotteries]

Which ITR form is to be used by him?

My aunt who also have the same incomes except the last one mentioned above. Which one she should use?

Please advice quickly.

plz tell me the process of starting sole propritorship in india deals in goods(trading of surgical item)

I paid self assessment tax incorrectly during February 2013. Instead of selecting assessment year as 2013-14, I chose it as 2012-13. I realised it now. Not sure how can I get it back as the last years return filing is complete and at the same time I can not account it while submitting my tax return for 2013-14. Please let me know what needs to be done in this case.

Thanks.
Mukund.

Sir,
Please tell when an assessee is required to maintain books of accounts as per section 44AA,
And when section 44AB for audit of accounts is applicable to an assessee?

can cst paid on interstate purchase set off against cst payable on such sales or any other central govt tax?