15 June 2008
please explain the term Lineal ascendant of an Individual in the view of taxability of gifts as per Section 56? will the term 'Lineal ascendant' include father and mother of mother i.e. grand parents from mother's side? in short, will Grand parents from mother's side of an Individual be termed as Relative for the purpose of taxation of gifts as per section 56? if there are any case laws or decided judgements or articles , please refer?
31 March 2012
Parents of parents are covered under lineal ascendant. Even grand-grand parents are covered. Lineal ascendant means all your predecessors.
If that was not the case, the Section would have simply said parents of the individual.
CAclubindia
