Sec 56 of income tax act
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 July 2013
an individual receives shares as a gift from her cousin brother(chacha ka beta,bhai)of an amount exceeding Rs 50000/-.whether this is taxable income u/s 56.Explain in relation to relatives defination u/s 56 of Income tax Act 1956,
CA PARAS BAFNA
(Expert)
12 July 2013
Not only our IT Law is imported, but it seems that our Law-Makers have also exported their basic understanding about the family relationship and its bonding.
.
This will be a taxable transaction if done directly.
.
First these shares will be gifted to Chacha
(means donor's father) and then chacha can gift to his nephew.
.
.
This will be a taxable transaction if done directly.
.
First these shares will be gifted to Chacha
(means donor's father) and then chacha can gift to his nephew.
.
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