Does husband's sister falls under the ambit of relatives defination for the purpose of section 53(2) gift from relatives
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Quick Summary
This discussion clarifies whether a husband's sister qualifies as a 'relative' for gift tax purposes under Section 56(2)(x) of the Income Tax Act. It confirms that a husband's sister is indeed considered a relative, meaning gifts exchanged between them are generally exempt from gift tax. The conversation also touches upon the specific definition of 'relatives' as amended from April 1st, 2017.