Income from other sources

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23 December 2011 IF ASSEESSE GETS CASH GIFT OF MORE THAN 50,000 FROM HIS WIFE'S SISTER'S DAUGHTER IS IT EXEMPT OR TAXABLEI

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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23 December 2011 Cash Gift Received below Rs 50000/- and therefore exempt from Tax.

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CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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23 December 2011 gift more than Rs. 50000 still taxable as said by expert u/s 56(2)(vii)....
because She is not relatives as per sec 2(41) 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)

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