Gift Received
This query is : Resolved
Pawan Mittal
(Querist)
22 April 2010
CA Sanat Pyne
(Expert)
22 April 2010
YES IT IS TAXABLE.
22 April 2010
AGREE WITH EXPERT.
Pawan Mittal
(Querist)
22 April 2010
Pawan Mittal
(Querist)
22 April 2010
22 April 2010
Realative for the purpose of this section is (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);]
Hence it is taxable in the hands of receiver in your case.
(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);]
Hence it is taxable in the hands of receiver in your case.
Pawan Mittal
(Querist)
22 April 2010
This is not logical reply to my question. Please read question again.
Is the reversal of the relation will break the relations ?
Is the reversal of the relation will break the relations ?
22 April 2010
FIRST MAKE IT CLEAR, WHETHER YOU ARE ASKING QUESTION OR GIVING SUGGESTION?
WE ARE JUST GIVING OUR OPINION ACCORDING TO THE LAW.
RELATIVES DEFINITION IS GIVEN ABOVE IF THE PERSON GIVING GIFT COMES UNDER ANY ABOVE MENTIONED CATEGORY THEN THE GIFT WILL NOT BE TAXABLE. NOW YOU TELL, THE PERSON GIVING GIFT IS COMING UNDER WHICH CATEGORY ACCORDING TO YOU. AND WHERE DOES THE QUESTION OF BREAKING RELATION ARISES?
NOW THE DECISION IS YOURS...........
WE ARE JUST GIVING OUR OPINION ACCORDING TO THE LAW.
RELATIVES DEFINITION IS GIVEN ABOVE IF THE PERSON GIVING GIFT COMES UNDER ANY ABOVE MENTIONED CATEGORY THEN THE GIFT WILL NOT BE TAXABLE. NOW YOU TELL, THE PERSON GIVING GIFT IS COMING UNDER WHICH CATEGORY ACCORDING TO YOU. AND WHERE DOES THE QUESTION OF BREAKING RELATION ARISES?
NOW THE DECISION IS YOURS...........
Ratan Sharma
(Expert)
22 April 2010
Agree with Sanjay. Gift not chargeable to tax in such case.
CA Ravi Sisodia
(Expert)
22 April 2010
Agree with sanjay ji
22 April 2010
THANKS ALL FOR YOUR ACCEPTANCE.
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