Gift to relatives

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Ashok (Querist)
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10 October 2014 Does brother's son or brother's daughter in law comes under the definition of relatives for the purpose of gift as per the income tax act

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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10 October 2014 Not falling under definition of relative.

Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)

Read more at: https://www.caclubindia.com/forum/relatives-u-s-56-2-vii-from-whom-gift-is-permissible--98674.asp#.VDfulPmSzUt

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