GIFT TAX

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This query is : Resolved

S.V.Bhargav

S.V.Bhargav (Querist)

27 November 2016 whether any gift give by husband to his wife or son on birthday or aniverssery or any ocassion above rs.50000 is taxable or not

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

27 November 2016 No, above case gift is not taxable.

CA Aman kesharwani

CA Aman kesharwani (Expert)

28 November 2016 no, gift from blood relation is never taxable.

CA. Vinodh Kothari

CA. Vinodh Kothari (Expert)

28 November 2016 Gift by Husband to Son is not taxable but Gift by Husband to wife will attract clubbing provisions of income tax. VK

S.V.Bhargav

S.V.Bhargav (Querist)

28 November 2016 what if a person receives any plot from his father sister's husband on birthday

CA. Vinodh Kothari

CA. Vinodh Kothari (Expert)

28 November 2016 Fathers Sister's Husband I.e Pufaji / Bhurosa Gift received is not taxable

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

04 November 2021 Exhaustive List of Relative under Section 56(2)
Sr no. Relative Covered under
1. Husband/wife Clause(i)
2. Brother and his wife Clause(ii)with(vii)
3. Sister and her husband Clause(ii)with(vii)
4. Wife’s bro. and his wife Clause(iii)with(vii)
5. Wife’s sister and her husband Clause(iii)with(vii)
6. Kaka – Kaki Clause(iv)with(vii)
7. Fua – Foi Clause(iv)with(vii)
8. Mama – Mami Clause(iv)with(vii)
9. Masa – Masi Clause(iv)with(vii)
10. Father – Mother Clause(v)with(vii)
11. Grandfather – Grandmother Clause(v)with(vii)
12. Son and his wife Clause(v)with(vii)
13. Daughter and her Husband Clause(v)with(vii)
14. Father in Law and Mother in Law Clause(vi)with(vii)
15. Grand Father in Law (GFIL) and Grand Mother in Law (GMIL) Clause(vi)with(vii)

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