24 February 2010
please let me know whether any land (residential site)property transferred as gift by male assessee to his aunty(mother's sister)(senior citizen)have to be offered for tax, i think need not to do, since it is a gift transfer for maternal aunty who is close relative to the assessee and also in law i have seen that gift can be received to father's or mother's sisters or brothers which is non taxable
but my doubt is can a gift be taken from father's or mother's sister or brother by the assesse since it is vice versa to the above quote of law
25 February 2010
Any gift received from a relative is exempt u/s 56(vi), and brother and sister of the parents of the assessee come under the definition of relatives in the aforesaid section. Hence the gift can be taken from them.
CAclubindia
