Meaning of relative
This query is : Resolved
07 March 2013
Whether for the meaning of relative mentioned under explanation to sec 56 of income tax act, parents of individual includes in-laws of the individual.?
To further clarify for pt (iv) brother or sister of either of the parents of the individual, whether here parents will include in laws of the individual?
To further clarify for pt (iv) brother or sister of either of the parents of the individual, whether here parents will include in laws of the individual?
07 March 2013
Dear Shilpa,
Yes relative includes parents of in laws since clause (vi) any lineal ascendant or descendant of the spouse of the individual
Yes relative includes parents of in laws since clause (vi) any lineal ascendant or descendant of the spouse of the individual
07 March 2013
take an example:
will a gift of Rs 100000.00 taken by a lady from her husband's chachi ji will be exempt under this section?
will a gift of Rs 100000.00 taken by a lady from her husband's chachi ji will be exempt under this section?
08 March 2013
dear shilpa,
inn your case gift is not exempt u/s 56 because in explanation to sec. 56 parents of spouse is covered but brother and sister of parents of spouse is not covered.
inn your case gift is not exempt u/s 56 because in explanation to sec. 56 parents of spouse is covered but brother and sister of parents of spouse is not covered.
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