Indirect tax (section 56(2) )

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Parth shah

Parth shah (Querist)
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26 July 2013 Dear Sir,

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

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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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

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Parth shah

Parth shah (Querist)
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26 July 2013 Thanks sir

You remove my doubt.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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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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