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Relatives for Gift

This query is : Resolved 
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(Querist)
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.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
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).
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
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.
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CMA KNVV Sri Vidya - Sri Kanth

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CMA KNVV Sri Vidya - Sri Kanth (Expert)
02 May 2009 WEll said by Tilak Sir
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