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
- About TDS & Income Tax
- Tax on Deemed Capital Gain
- Scrutiny and reopening of past returns
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- Banking Related Issue
- Difff in ais receipts and gst turnover
- ITR-Capital Gain
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
