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Relatives u/s 56(2)(vii) from whom Gift is permissible......


CMA. CS. Sanjay Gupta ("PROUD TO BE AN INDIAN")     11 August 2010

CMA. CS. Sanjay Gupta
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Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961

(i)  spouse of the individual;

(ii)  brother or sister of the individual;

(iii)  brother or sister of the spouse of the individual;

(iv)  brother or sister of either of the parents of the individual;

(v)  any lineal ascendant or descendant of the individual;

(vi)  any lineal ascendant or descendant of the spouse of the individual;

(vii)  spouse of the person referred to in clauses (ii) to (vi)

 

Based on aforesaid definition , here is the list 44 kinds of relations  , gift from whom is not taxable in your hand.

 

 

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Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))     11 August 2010

Kalpesh Chauhan,
Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com) 
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Thanks for the info.

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Aditya Maheshwari (CA in Practice)     11 August 2010

Aditya Maheshwari
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Nice info man. Thanks for sharing.

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CA vinod (Chartered Accountant)     11 August 2010

CA vinod
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Originally posted by : Aditya Maheshwari

Nice info man. Thanks for sharing.

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Ankit (Final Student)     11 August 2010

Ankit
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That was really nice..everybody knew this but nobodu presented it in such a nice format..good job..


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Originally posted by : Aditya Maheshwari

Nice info man. Thanks for sharing.

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Mayur Arora (CA Final)     11 August 2010

Mayur Arora
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thanks sir

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tarun (ca student)     11 August 2010

tarun
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thanx sir

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CMA Arif Farooqui (Cost Accountant)     12 August 2010

CMA Arif Farooqui
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good one.

on Sr. No. 1 you mention  father

on Sr. No 9 you mention mother's husband......

i think both are same

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CMA. CS. Sanjay Gupta ("PROUD TO BE AN INDIAN")     12 August 2010

CMA. CS. Sanjay Gupta
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Originally posted by : CMA Arif

good one.

on Sr. No. 1 you mention  father

on Sr. No 9 you mention mother's husband......

i think both are same

Thanks for correction (it means you read it all). It will be Mother's Brother.

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