Gift Tax

Definition of "Relative" for taxability of Gift under Income Tax Act
Replies (4)

 Dear Pankaj,

RELATIVE is defined as follows -      (i)  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);]

Mr. CA. Pankaj

The Explanation to Section 56(2)(vi) provides that the expression "relative" means:
 

  1. Spouse of the individual;
  2. Brother or sister of the individual;
  3. Brother or sister of the spouse of the individual;
  4. Brother or sister of either of the parents of the individual;
  5. Any lineal ascendant or descendant of the individual;
  6. Any lineal ascendant or descendant of the spouse of the individual; and
  7. Spouse of the person referred to in clauses (2) to (6).

not only for this

Dear Gowri Roy...What do you mean???

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