term relative in section 56(2)vi of IT ACT

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Rajeev (Querist)
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17 April 2010 my wife want to take cash gift from my mother's brother. is it taxable or non-taxable. i can't find this in the definitions of relative in the IT ACT

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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17 April 2010 Here the donor is not a relative. Gift attracts income tax in the hands of donee if the aggregate value of gits exceeds Rs.50,000/-

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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17 April 2010 RELATIVE FOR THIS PURPOSE MEANS----
1) SPOUSE OF INDIVIDUAL
2) BROTHER OR SISTER OF INDIVIDUAL
3)BROTHER OR SISTER OF EITHER OF THE PARENTS OF THE INDIVIDUAL
4) ANY LINEAL ASCENDANT OR DESCENDANT OF THE INDIVIDUAL
4) ANY LINEAL ASCENDANT OR DESCENDANT OF THE SPOUSE OF THE INDIVIDUAL ETC.

SO YOUR GIFT DOES NOT COME UNDER ANY OF THE ABOVE CATEGORY.

kartik_somu

kartik_somu (Expert)
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18 April 2010 agree

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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18 April 2010 AGREED WITH EXPERTS

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
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19 April 2010 Agreed with Experts. parent does not include parent in law.

CA. O.P. Agarwalla

CA. O.P. Agarwalla (Expert)
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19 April 2010 Agreed with Experts. parent does not include parent in law.

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