Gift by a grandson to his grandfather will be exempt or taxable...
Also gift from individual to spouse will be exempt or taxable
1. Both will be exempt under IT act.
2. But in second case, clubbing problem would arise.
4 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(142066 Points)
Replied 24 March 2023
Yes, grandson is linear descendent to grandfather, so is RELATIVE u/s. 56(2)(x) of IT act.
Recent Topics
- Whether tcs allowed as deduction
- Certificate of investment in hospital for polluti
- Income tax 2022-2023 latest __
- DEFAULT IN FURNISHING THE RETURN
- LTCG TAX CLACULATION
- Rent from multiple house in single compound
- Can I invest more than 50k in NPS Tier 1 without a
- NSS(1989) tax
- Query on Long Term Capital Gain Tax On Sale Of Res
- GST ACCOUNTING ENTRIES (YEAR END PROVISIONAL ENTR
Related Threads
Trending Online Classes
ITR 1 and ITR 4
Aarchi Jain
GST Practitioner Certificate Course 36th Batch
CA Arun Chhajer
Browse by Category
- Income Tax
- Audit
- Students
- Accounts
- Custom
- VAT
- Career
- Service Tax
- Corporate Law
- Info Technology
- Excise
- Shares & Stock
- Exams
- LAW
- Professional Resource
- Others
- Taxpayers
- GST
Subscribe to the latest topics :
Search Forum:
CAclubindia
