as per section 56 relatives include lineal ascendant and descendant then gift from Nana nani that means mother's parents are exempt and not?
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Quick Summary
This discussion clarifies whether gifts received from maternal grandparents (Nana and Nani) are exempt from income tax. According to Section 56 of the Income Tax Act, lineal ascendants and descendants are considered relatives. Therefore, gifts from your Nana and Nani are indeed included in the definition of relatives and are exempt from income tax.