Incometax - gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 December 2014
One of my relative wants to give gift to his brother's son it will be exemted gift or not (The gift is Loan amount outstanding from the outside party)
24 December 2014
For brother's son it will be not taxable as gift from relative is exempt.
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 December 2014
Abhishek goyal sir can you please tell me under which section brother's son will become relative under incometax act.
25 December 2014
See the definition of relative u/s 56.
25 December 2014
refer explaination to sec 56(2) for definition of relatives.
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