Gift tax exemption u/s 56(2) of i.t.act
This query is : Resolved
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
- GSTR-1A How to update Invoice
- Excess salary payment.
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- SFT Cash Deposit in Current Account
- Annual return in Gst
- Regarding TDS Applicability For Director Remuneration
- Requirement of tax deduction at source by individual
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
