Taxability of gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 June 2012
What is the definition of relative for the purpose of taxability of gifts under income tax act..??
Whether gift received from son /daughter of sister is exempt or taxable ?
Whether gift received from son /daughter of sister is exempt or taxable ?
01 June 2012
Relative is defined in Section 56 as under:
spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi);]
Children of sister are not covered in the above and accordingly gifts received from them will be covered in the limit of Rs. 50,000.
spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi);]
Children of sister are not covered in the above and accordingly gifts received from them will be covered in the limit of Rs. 50,000.
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