can u tell me whether mother's sister(mausi) is covered under the definition of relative under section 56(2),whether mausi can gift to his sister son i.e. bhaanja,is it exempt under section 56 thanks in advance
CA Sunil Kumar Dudeja (Student) (135 Points)
09 July 2012can u tell me whether mother's sister(mausi) is covered under the definition of relative under section 56(2),whether mausi can gift to his sister son i.e. bhaanja,is it exempt under section 56 thanks in advance
MAHESH GARG
(AUDIT EXECUTIVE)
(334 Points)
Replied 09 July 2012
Yes, Mother's sister is included in definition of relative and therefore gift received from her is not taxable
CA Gaurav Choradia
(Relationship Manager )
(418 Points)
Replied 09 July 2012
Mahesh garg is right... Mother's sister fall in defination of relative under IT Act
KRISHNAPRASAD IYER
(B.Com , CA Final)
(657 Points)
Replied 09 July 2012
yes, mother's sister is a relative under the Act
CAclubindia
