Gift tax exemption u/s 56(2) of i.t.act
This query is : Resolved
CA Sanjay Baheti
(Querist)
12 November 2011
Dear Members,
whether the following Gifts are exempted from Tax or not u/s 56(2) of I.T. Act as under:-
i) Son's wife (i.e.Bahu) to Son's Mother (i.e.Sas)
ii)Vice versa (i.e. from Sas to Bahu)
Please Reply.
whether the following Gifts are exempted from Tax or not u/s 56(2) of I.T. Act as under:-
i) Son's wife (i.e.Bahu) to Son's Mother (i.e.Sas)
ii)Vice versa (i.e. from Sas to Bahu)
Please Reply.
12 November 2011
Sanjay sir both gifts are exempt u/s 56(2)(vii)....because they relatives according to sec 2(24) read following paragarph for defination of relative-
the followings persons will be the
lineal ascendants / descendents so far as the meaning of relative of
the Income-tax Act is concerned.
1. Spouse 2. Father 3. Mother 4. Son 5. Son’s wife
6. Son’s son 7. Son’s son’s wife 8. Great Grandson 9. Great Grandson’s wife
10. Grand Father 11. Grand Mother 12. Great Grand father 13. Great Grand
Mother 14. Brother / Sister 15. Spouse of Brother / Sister (Bhabhi / Jiyajee)
16. Spouse’s father / mother (Sas / Sasur) 17. Spouse’s brother / sister (Devar /
Jeth / Nanad/ Sala/ Sali) 18. Spouse of spouse’s brother / sister (Devarani /
Jethani / Nandoi/ Salhej / Sadhu) 19. Grand father/ mother of spouse
20. Mother’s brother / sister and their spouse (Mama / Mami/ Masi / Mausa)
21. Father’s brother / sister and their spouse (Chacha / Chachi/ Tau/ Tai/ Bhua /
Fufa)
the followings persons will be the
lineal ascendants / descendents so far as the meaning of relative of
the Income-tax Act is concerned.
1. Spouse 2. Father 3. Mother 4. Son 5. Son’s wife
6. Son’s son 7. Son’s son’s wife 8. Great Grandson 9. Great Grandson’s wife
10. Grand Father 11. Grand Mother 12. Great Grand father 13. Great Grand
Mother 14. Brother / Sister 15. Spouse of Brother / Sister (Bhabhi / Jiyajee)
16. Spouse’s father / mother (Sas / Sasur) 17. Spouse’s brother / sister (Devar /
Jeth / Nanad/ Sala/ Sali) 18. Spouse of spouse’s brother / sister (Devarani /
Jethani / Nandoi/ Salhej / Sadhu) 19. Grand father/ mother of spouse
20. Mother’s brother / sister and their spouse (Mama / Mami/ Masi / Mausa)
21. Father’s brother / sister and their spouse (Chacha / Chachi/ Tau/ Tai/ Bhua /
Fufa)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Capital Gail Exemption Certificate
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
