How can I get tax rebate if I get 11 lakh cheque from my nana?
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Income tax
Replies (8)
If it is gift, then not taxable.
is it gift
Yes... It will be treat as Gift. Based on Assessee and Nanad (Husband's Sister) transactions...
it's not husband's sister it's father of mother
I think he is not relative
but pls confirm it in section 56
but pls confirm it in section 56
Any lineal ascendant is a relative
Father's Mother is a relative
and gift from relative is not taxable
Father's Mother is a relative
and gift from relative is not taxable
| Originally posted by : Krishan kant | ||
 |
it's not husband's sister it's father of mother |  |
Dear., Reply based query for the Querist. If NANAD then it's under the definition of Relatives as per List of relatives covered under Section 56(2) of Income Tax Act,1961
Any Lineal ascendants or descendants of the individual
-Any Lineal ascendants or descendants of the spouse of the individual.
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