relative for taxability of gifts
This query is : Resolved
Kishan L. Agarwal
(Querist)
16 July 2008
Whether a son in law is relative for the purpose of non taxability of gift to him by father in law?
16 July 2008
Yes, in accordance to proviso to Section 56(2)(vi), the son in law is a relative and any amount of gift will not form part of his income.
CA. Sahendra Jaiswar
(Expert)
16 July 2008
Yes, as per the definition of Section 2(41)relatives include any lineal ascedant or descendant of the individual, hence son in law is considered as relative.
16 July 2008
The relations defined in Section 56(2)(vi) is only to be considered for the purpose of gifts.
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