Relatives for Gift
This query is : Resolved
01 May 2009
Please tell which of my family members can give loan to my wife, exceeding RS. 50,OOO/- And not attracting income tax liability.Can you elaborately explain the definition of "relative" for Income tax purpose.
01 May 2009
Meaning of ralative:
1. Spouse of Individual.
2. Brother or sister of the Individual.
3. Brother or sister of spouse of the Individual.
4. Brother or sister of either of the parents of the Individual.
5. Any lineal ascendent or descendent of the Individual.
6. Any lineal ascendent or descendent of the spouse of the Individual.
7. Spouse of the person refered to in (2) tp (6).
1. Spouse of Individual.
2. Brother or sister of the Individual.
3. Brother or sister of spouse of the Individual.
4. Brother or sister of either of the parents of the Individual.
5. Any lineal ascendent or descendent of the Individual.
6. Any lineal ascendent or descendent of the spouse of the Individual.
7. Spouse of the person refered to in (2) tp (6).
01 May 2009
Loan is not taxable in the hands of wife. If any person refered above gives gift to your wife same will not be taxable in her hands.
02 May 2009
WEll said by Tilak Sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- Free lancer income
- TDS on payment to CHA as per new section
- Sale of Forign Shares
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
