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
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