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 ?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Krishnaveni karur

ashvini tripathi

Suranjan Das

saurabh sawlani

Richa Bajoria

Subscribe Now

Taxability of gift

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

Manager- Finance and Compliance

CA Final

Senior Executive

GST CONSULTANCY