Gift to daughter of sister
This query is : Resolved
28 March 2012
A person (X) has given a gift of Rs. 115000/- to his sister's daughter( Y0.
I want to know on following points-
1. Whetehr this relation ( sister's daughter) is in relative defination?
2. Whether it is taxable in hand of X or
Y.?
I want to know on following points-
1. Whetehr this relation ( sister's daughter) is in relative defination?
2. Whether it is taxable in hand of X or
Y.?
28 March 2012
Your question is answered as below:
1) This definition is not there in the definition of relative...
2) Hnece it is taxable in the hands of receiver that is "Y" in your case...
1) This definition is not there in the definition of relative...
2) Hnece it is taxable in the hands of receiver that is "Y" in your case...
29 March 2012
Yes this relation is covered under the definition of relative as per following definition provided in Explanation to Section 56(2)(vi):
Relative means, inter alia, brother or sister of either of the parents of the individual
So from Y's point of view, her mother's brother (her mama) has gifted her a sum of money and accordingly this sum is NOT TAXABLE in the hands of Y.
Further, there is no tax implication for the donor (Y's mama).
Relative means, inter alia, brother or sister of either of the parents of the individual
So from Y's point of view, her mother's brother (her mama) has gifted her a sum of money and accordingly this sum is NOT TAXABLE in the hands of Y.
Further, there is no tax implication for the donor (Y's mama).
14 April 2012
Experts have given proper reply to your query and I agree with them
14 April 2012
Mr CA SS Agarwal, please try to add value with your replies.
Do not add unnecessary replies to a query.
Do not add unnecessary replies to a query.
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