Gift Deed to a relative
This query is : Resolved
22 March 2010
If a person makes a gift deed of property to his father in law, can it be taken for exemption from tax as under Sec. 56 of IT Act? And whether it be considered as a gift to a relative or not?
Aditya Maheshwari
(Expert)
22 March 2010
Since it should fall under clause vii
(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).
it will be deemed to a gift to a relative
(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).
it will be deemed to a gift to a relative
CA Ashok Kumar Sahu
(Expert)
22 March 2010
agreed no tax liability arise
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