17 December 2012
Hi all, this is rahul if i receive a house as gift(or u can say for inadequate consideration) from phufajee, how it will be dealt under income tax and gift tax? Or there is any way for tax planning so that i will be escaped from charging of tax?
18 December 2012
Relatives from whom Gift is permissible under Income Tax Act
Father (Papa or Pitaji) Mother (Maa or Mummy) Brother (Bhai) Sister (Bahin) Son (Beta or Putra) Daughter (Beti or Putri) Grand Son (Pota or Potra) Grand Daughter (Poti or Potri) Husband (Pati) Wife (Patni) Sister’s Husband (Jija) Brother’s Wife (Bhabhi) Wife’s Brother (Sala) Wife’s Sister (Sali) Husband’s Brother (Dewar) Husband’s Sister (Nanad) Mother’s Brother (Mama) Mother’s Sister (Mausi) Mother’s Sister Husband (Mausa) Wife’s brother’s wife (Sala Heli) Father’s Brother (Chaha or Tau) Father’s Brother’s Wife (Chachi or Tai) Father’s Sister’s Husband(Fufa) Father’s Sister (Bua) Grand Father (Dada) Grand Mother (Dadi) Great Grand Father (Pardada) Great Grand Mother (Pardadi) Daughter’s Husband (Jawai) Son’s Wife (Bahu or Putra Vadhu) Wife’s Father (Sasur) Wife’s Mother (Sas) Husband’s Father (Sasur) Husband’s Mother (Sas) Wife’s Grand Father (Dada Sasur) Husband’s Grand Mother (DadiSas) Husband’s Grand Father (Dada Sasur) Wife’s Grand Mother (Dadi Sas) Wife’s Great Grand Father Husband’s Great Grand Mother (Bada Dada Sasur) (Badi Dadi Sas) Husband’s Great Grand Father Wife’s Great Grand Mother (Bada Dada Sasur) (Badi Dadi Sas) Brother’s Wife Mother’s Brother’s Wife (Mami) (Bhabhi) Husband’s Brother’s Wife (Devrani or Jithani)
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