Gift Received

This query is : Resolved

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Pawan Mittal

Pawan Mittal (Querist)
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22 April 2010

CA Sanat Pyne

CA Sanat Pyne (Expert)
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22 April 2010 YES IT IS TAXABLE.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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22 April 2010 AGREE WITH EXPERT.

Pawan Mittal

Pawan Mittal (Querist)
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22 April 2010

Pawan Mittal

Pawan Mittal (Querist)
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22 April 2010

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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.

Pawan Mittal

Pawan Mittal (Querist)
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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 ?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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...........