Relatives (gift)

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112 Points Joined March 2017
Are following perons included in the defination of relative for getting exemption ???
1)Grandmothers brother
2)cousin
3)Uncles son
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On 30 October 2017 at 22:59 Report
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Chartered Accountant
86505 Points Joined April 2011
Yes all are in defination of relative...
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On 30 October 2017 at 23:10
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CA-Final Student
801 Points Joined October 2017
No.no.no. No one of the above is included in the definition of relative for getting exemption.
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On 31 October 2017 at 07:43
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Chartered Accountant
86505 Points Joined April 2011
Why so.....?????
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On 31 October 2017 at 07:45
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Chartered Accountant
86505 Points Joined April 2011
Grandmother's brother is not relative but why other two not included..
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On 31 October 2017 at 07:45
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CA-Final Student
801 Points Joined October 2017
Cousin is not relative, only brother & sister are relative, who have common parents.
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On 31 October 2017 at 07:59
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CA-Final Student
801 Points Joined October 2017
& third one : uncle's son is also cousin..
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On 31 October 2017 at 08:00
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Chartered Accountant
86505 Points Joined April 2011
Okk you are correct.
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On 31 October 2017 at 08:05
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CA-Final Student
801 Points Joined October 2017
Thanks..🤗🤗
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On 31 October 2017 at 08:06
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112 Points Joined March 2017
Thank you...
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On 31 October 2017 at 09:14
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INCOME TAX PRACTITIONER
1329 Points Joined August 2012

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?

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On 31 October 2017 at 12:30
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CA Final
372 Points Joined February 2012
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*
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On 31 October 2017 at 16:03
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CA-Final Student
801 Points Joined October 2017
👍👍👍
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On 31 October 2017 at 16:08
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Article
28 Points Joined July 2012
is sisters daughter can give me gift...is it taxable....
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On 02 February 2018 at 01:33
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CA Final
372 Points Joined February 2012
Taxable as not covered under section 56(2)
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On 02 February 2018 at 16:34


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