Are following perons included in the defination of relative for getting exemption ???
1)Grandmothers brother
2)cousin
3)Uncles son
Menu
Relatives (gift)
Replies (14)
Yes all are in defination of relative...
No.no.no. No one of the above is included in the definition of relative for getting exemption.
Why so.....?????
Grandmother's brother is not relative but why other two not included..
Cousin is not relative, only brother & sister are relative, who have common parents.
& third one : uncle's son is also cousin..
Okk you are correct.
Thanks..🤗🤗
Thank you...
how much we can receive as gift from blood relations in a financial year?
also how much we can credit as marriage gifts/or earboring function?
1. From Relatives (as per section 56(2)) - Any amount Exempt
2. Anything of any value received on the occasion of marriage by the Bride or Bridegroom only (not by parents etc.) - Exempt
3. Anything received from anyone (except in case of 1 and 2 above) - Fully Taxable if Amount(in case of Moveble property or cash) or FMV(in case of immovable Property) *exceeds Rs. 50000*
2. Anything of any value received on the occasion of marriage by the Bride or Bridegroom only (not by parents etc.) - Exempt
3. Anything received from anyone (except in case of 1 and 2 above) - Fully Taxable if Amount(in case of Moveble property or cash) or FMV(in case of immovable Property) *exceeds Rs. 50000*
👍👍👍
is sisters daughter can give me gift...is it taxable....
Taxable as not covered under section 56(2)
Recent Topic
- Credit against paud RCM on rent
- Dividend difference in 26AS, AIS, TIS
- 194JB INCOME
- Filing ITR3 where income under section 44AD with L
- What is superannuation fund
- GST Refund of input services under Inverted Duty S
- Dividend Reporting
- Real operational bottlenecks after firms use Tally
- Purchase return under gst
- Long Term Capital Loss - cannot be carried forward
CAclubindia
