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Gift Deed to a relative

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(Querist)
22 March 2010 If a person makes a gift deed of property to his father in law, can it be taken for exemption from tax as under Sec. 56 of IT Act? And whether it be considered as a gift to a relative or not?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
22 March 2010 Since it should fall under clause vii

(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).

it will be deemed to a gift to a relative
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CA Ashok Kumar Sahu

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CA Ashok Kumar Sahu (Expert)
22 March 2010 agreed no tax liability arise
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