Relative
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2010
what is the definition of a relative?
Is my father in laws sister considered my relative..Can i accept Gift from her tax free?
Is my father in laws sister considered my relative..Can i accept Gift from her tax free?
15 April 2010
The meaning of ' relative' is given in explantion to section 56(2)(vi) of the Income tax Act,1961.
Your father in laws sister is not a relative according to the above explanation. Consequently ,if the gifts exceeds Rs.50,000/- tax liability attracts.
Your father in laws sister is not a relative according to the above explanation. Consequently ,if the gifts exceeds Rs.50,000/- tax liability attracts.
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