weather father-in-law or mother-in-law fall under the catagory of relatives in income tax?
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 22 December 2012
Relative under IT is same as Relative under COmpanies act. Thus they fall under the category of relative.
CA Manish
(Job)
(5264 Points)
Replied 22 December 2012
| Originally posted by : Aditya Lahoti | ||
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weather father-in-law or mother-in-law fall under the catagory of relatives in income tax? |
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Under Income tax definition of relatives are different for diff section. For which section you need.
CA Paritosh Jaisalmeria
(Doing CFA-USA)
(90 Points)
Replied 22 December 2012
Yes, they are considered as relatives.
CA Ashish Pathak
(Employed at Cipla Ltd.)
(2779 Points)
Replied 22 December 2012
CA Aditya Lahoti
(Chartered Accountant)
(380 Points)
Replied 22 December 2012
@ CA Manish Malu Sir,
I need its revelence for sec.2(41)
CA Manish
(Job)
(5264 Points)
Replied 22 December 2012
| Originally posted by : Aditya Lahoti | ||
|
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@ CA Manish Malu Sir, I need its revelence for sec.2(41) |
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Then in laws are not covered.
The sec clearly says that lineal ascendant and descendate of that individual.
Therefore the same of spouse are not covered.
CA Sourabh Goenka
(Chartered Accountant)
(249 Points)
Replied 28 December 2012
Section 2 (41) "relative", in relation to an individual, means the husband, wife, brother or sister or any lineal ascendant or descendant of that individual ;
For this section clearly shows that spouse linear ascendant or descendant does not included..
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