Gift

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2011 If an Asseesse gives 20000/- money every month to his Wife and major son, whether it is taxable in the hands of Asseesse.

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Kuldeep

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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08 December 2011 Gift to relatives u/s 56(2)(vii) is exempt from tax.

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961

(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)

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