Gift tax
This query is : Resolved
26 April 2014
can anybody told me that daughter in law comes in which catagery of relatives under section 2(41) of the income tax act.
26 April 2014
Hello ..
U/s 2(41) relative to an individual means the husband , wife , brother or sister or any lineal ascendant or descendant of that individual...
there are 2 types of variants wrt to relationship ... vertical and horizontal ...vertically it covers father , mother , son , daughter etc... and horizontally it covers brother and sister but it doesnt extend beyond that...
under sec 2(41) daughter in law and sister in law are not recognised as relative ...
U/s 2(41) relative to an individual means the husband , wife , brother or sister or any lineal ascendant or descendant of that individual...
there are 2 types of variants wrt to relationship ... vertical and horizontal ...vertically it covers father , mother , son , daughter etc... and horizontally it covers brother and sister but it doesnt extend beyond that...
under sec 2(41) daughter in law and sister in law are not recognised as relative ...
26 April 2014
it is section 56(2) where it is covered under definition of relatives./
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26 April 2014
its 56(2)brother ... there is no 2(56) section in income tax act... harinder is asking for sec 2(41)
27 April 2014
Unfortunately, he is misplacing his reliannce on 2(41) instead of 56(2). With regards to gifts, the definition of relatives is covered under 56(2) wherein daughter-in-law is covered as a relative as "spouse of lineal descendant"
28 April 2014
Apologies nikhil and tushar ... thank you for the correction nikhil ... point noted ... :)
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