Gift from relative
This query is : Open
Sanjay Jain
(Querist)
09 November 2012
Whether gift taken from from sister's son is covered under gift from relatives
Anand Modi
(Expert)
09 November 2012
No it is not covered.
but gift to your Sisters son from you is covered under definition of relative.!!!!
but gift to your Sisters son from you is covered under definition of relative.!!!!
CA Prashant Gupta
(Expert)
09 November 2012
as per my view sister's son is not covered under gift from relatives.
so it will be taxable.
sister is considered as relative in sec 56(2)
so it will be taxable.
sister is considered as relative in sec 56(2)
09 November 2012
Sister's son is a relative as per the index of relatives issued by Income Tax Authorities.
Gift is taxable but tax free up to some amount.
Gift is taxable but tax free up to some amount.
CA Prashant Gupta
(Expert)
10 November 2012
Mr. Bajaj
sister's son is not relative in sec 56(2). So his gift can't be said gift from relative
sister's son is not relative in sec 56(2). So his gift can't be said gift from relative
10 November 2012
Mr Prashant!
Thanks.
But I know a case law which settles that sister's son is relative. I will revert as soon as I have detailed CASE LAW.
Thanks.
But I know a case law which settles that sister's son is relative. I will revert as soon as I have detailed CASE LAW.
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