term relative in section 56(2)vi of IT ACT
This query is : Resolved
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
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/-
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.
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.
18 April 2010
agree
18 April 2010
AGREED WITH EXPERTS
19 April 2010
Agreed with Experts. parent does not include parent in law.
19 April 2010
Agreed with Experts. parent does not include parent in law.
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