Gift Tax applicability
This query is : Resolved
03 April 2009
Hi,
How the Gift tax be applicable if father gives money (~2 - 3 lac) from his PF and I use it to pay the home loan.
Thanks!
How the Gift tax be applicable if father gives money (~2 - 3 lac) from his PF and I use it to pay the home loan.
Thanks!
03 April 2009
the provisions of the aforesaid Section 56(2)(vi) applicable to the taxation of gifts in excess of Rs. 50,000 in a financial year in the aggregate are applicable for gifts received from non-relatives. Thus, any gift from relatives of any amount during the financial year is completely exempt from tax. Therefore, it's crucial to know the meaning of the expression 'relative' for this purpose. The Explanation to Section 56(2)(vi) provides that the expression "relative" means:
*
Spouse of the individual;
*
Brother or sister of the individual;
*
Brother or sister of the spouse of the individual;
*
Brother or sister of either of the parents of the individual;
*
Any lineal ascendant or descendant of the individual;
*
Any lineal ascendant or descendant of the spouse of the individual; and
*
Spouse of the person referred to in clauses (ii) to (vi).
*
Spouse of the individual;
*
Brother or sister of the individual;
*
Brother or sister of the spouse of the individual;
*
Brother or sister of either of the parents of the individual;
*
Any lineal ascendant or descendant of the individual;
*
Any lineal ascendant or descendant of the spouse of the individual; and
*
Spouse of the person referred to in clauses (ii) to (vi).
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