Hi everybody! Can anyone please explain the term Lineal ascendant of an Individual in the view of taxability of gifts as per Section 56? will the term '
Lineal ascendant' include father and mother of mother i.e. grand parents from mother's side? in short, will Grand parents from mother's side of an Individual be termed as Relative for the purpose of taxation of gifts as per section 56?
A lineal desecndant is a directdesecnding ancestor of a person.
whether lineal assendent/decendents include son's wife also for gift u/s 56
whether liniel decedent include sons wife also for gift tax exemption u/s 56?
pl enlighten us.
Son's Wife Is Not Include In the lineal descendant
But , As Per Section 56
Relative Means;-----
(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, and
(vii) spouse of a person referred to in items (2) to (6) mentioned above.
Since The 7th Clause include Spouse Of Clause 5th
So Son's Wife Is covered U/s 56 , And the Gift to Son's Wife is Not Chargeble To Tax
I have the same query about grandparents from mother side
As per section 56(2)(vii) grandmother and grandfather of the individual are considered as relative.
Could anyone please mention clearly what all lineal descendants include?
Ascendant includes nephew cousins?
| Originally posted by : Bianca Vaid | ||
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Ascendant includes nephew cousins? NO... |
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CAclubindia
