Taxability of gift
This query is : Resolved
Ashutosh Kumar Jha
(Querist)
01 July 2013
1) Is money received from maternal grand father is exempt from tax or taxable u/s 56(2)(vii) ?. Please solve my problem.
2) Is step father or step children is covered under relative in IT act-1961?
Thanking you
Ashutosh kumar Jha
9534140352
2) Is step father or step children is covered under relative in IT act-1961?
Thanking you
Ashutosh kumar Jha
9534140352
CA PARAS BAFNA
(Expert)
01 July 2013
Maternal Grand Father can give Gift to Mother and mother can Gift the said amount to you. If you directly receive gift from him, it will be taxable.
.
Yes, step father is a relative of his step son and vice versa. Adopted son is son.
.
.
Yes, step father is a relative of his step son and vice versa. Adopted son is son.
.
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Ashutosh Kumar Jha
(Querist)
02 July 2013
Thank you sir for your quick & valuable reply.
Ashutosh Kr Jha
9534140352
Ashutosh Kr Jha
9534140352
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