IS THIS GIFT TAXABLE OF NOT?

ya it is taxable as it exceeds Rs.50,000.

why should we think of any exceptions???

DON'T YOU THINK THAT THEY NOT RELATIVE

ya as they are not relatives, it is taxable.

go through the definition of relative for the purpose of taxing a gift

according to sec 56(2) gift recived from a relative is not taxable.

and relative does not include the person as u said!!!

hey but ..........................

here is anoder way..

If Mrs X and Mrs Y are related say like sisters, ascendants, other relation.it can exempted in that capacity.

well i think soo.......any one support or oppose my answer

YES TRINATH UR RIGHT,

ACT NOT  COVER THIS SITUATION ?

SPOUSE OF SPOUSE NOT  COVERED IN THE ACT

but Mr.Balaram  see my latest view that if Mrs X and Mrs Y are related, then it may be exempt in that capacity.

i think soo...

Yaar TRINATH... Why do get an exception of two sisters marrying to single person???

Nywz, if the two individuals have single spouse, then they are not relatives...

And yes, if the two wives are, if at all, relatives of each other (relativ considered under provisions of income tax)... than it can be called as gift from a relative..

Then, it becomes a completely different Q... Then, MR.A - poor guy, has not to be considered at all.

am not saying dat dhiraj

if Mrs X and Mrs Y are sister?

Mrs Y received gift from Mrs X( her sister)......relative includes brother or sister of the individual.

so forget about that they are spouses of Mr A.

y received gift from X n X is her sister

so it will be exempt now!!!

got me???

Dear All

The word  "Sister" is not defined in the Income-tax Act.  Hence one should get the meaning from general clauses act.  If general clauses act accepts two wives of a person as sisters the gift is exempted otherwise taxable.  I am not fully aware of the general clauses act. If any one enlightens me on this aspect i.e meaning of sister as per geneal clauses act I will be grateful.

Best Wishes

Sathikonda

its taxable

firstly did u get wat am saying?