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Gifts from Relatives are Tax-Exempt

Others 810 views 1 replies

As per Section 56(2)(vi) Gift from Relatives are Tax Exempt. wherein the relative has been definded as

  • Spouse of the individual;
  • Brother or sister of the individual;
  • Brother or sister of the spouse of the individual;
  • Brother or sister of either of the parents of the individual;
  • Any lineal ascendant or descendant of the individual;
  • Any lineal ascendant or descendant of the spouse of the individual; and
  • Spouse of the person referred to in clauses (ii) to (vi).

Now my query is : Considering the point no 4 above i.e "Brother or sister of either of the parents of the individual";

An individual wishes to gift some amount to the BROTHER of his mother but unfortunately the BROTHER has expired, can his wife (BROTHERS WIFE) be considered eligible for this transaction?

Please do let me the opinion

Thanks & Regards

Ramesh

 

 

 

Replies (1)

Gift received by individual from realtive is exempt and not vice versa i.e. if gift is given to relatives than this clause wont apply.


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