Gift under section 56 of i.t.act

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CA Sanjay Baheti (Querist)
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30 March 2015 Whether a Gift of movable amount by means of Account payee cheque from Uncle to his nephew through a gift deed is exempted from tax as the same is covered under definition of term "Relative".

is it valid gift and exempt from tax by virtue of section of 56 of I.T.Act

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 March 2015 If they are coevered under definition of relatives then it is exempted under said section.

CA Sanjay Baheti

CA Sanjay Baheti (Querist)
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30 March 2015 Mr Tushar Bhai,

Thanks for reply. i wanted to confirm whether this relationship is covered under definition of term relative or not as per law. please give reply in yes or no.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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30 March 2015 Sanjay bhai in my view the same are not covered under relative as per sec 56. check out this link:

http://taxguru.in/income-tax/detailed-analysis-gifts-taxation-income-tax-act-1961.html

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Gift under section 56 of i.t.act

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