Indirect tax (section 56(2) )

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Parth shah

Parth shah (Querist)

26 July 2013 Dear Sir,

whether gift from wife's mother is taxable or not?

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

26 July 2013 It is not taxable.

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

Message likes : 1 times

Parth shah

Parth shah (Querist)

26 July 2013 Thanks sir

You remove my doubt.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)

27 July 2013 Gifts that are not taxable at all are those that are received from relatives. Relatives are defined by the following relationships of the individual:

Parents
Parents siblings and their spouse
Siblings
Spouse of siblings
Daughter and son
Spouse of daughter and son
Spouse
Spouseâ€™s parents
Spouseâ€˜s siblings and their respective spouse.

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