Gift from jethani is taxable or not?
This query is : Resolved
SHREEPAL LALWANI
(Querist)
22 June 2018
Sir,
Can anyone tell me that Gift received from Jethani is taxable under income tax act or not?
Can anyone tell me that Gift received from Jethani is taxable under income tax act or not?
Nikhil Kaushik
(Expert)
22 June 2018
refer 56(2)(vii) - definition of relative is provided therein. If you are still confused, revert here.
SHREEPAL LALWANI
(Querist)
23 June 2018
yes, after reading section 56(2)(vii) I am still confused that gift received from Jethani is taxable or not under income tax act?
CA PARAS BAFNA
(Expert)
23 June 2018
Gift received from Jethani is not taxable in the hands of Derani.
Jethani is- spouse of brother of the spouse of individual. (Refer the explanation (e) to Section 56(vii)
starting with the words "relative" means -Please refer (C) & (G) collectively.)
Jethani is- spouse of brother of the spouse of individual. (Refer the explanation (e) to Section 56(vii)
starting with the words "relative" means -Please refer (C) & (G) collectively.)
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