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
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.
CAclubindia
