23 October 2011
Dear Sir, My uncle (mother's elder brother)wants to gift our family of 3 which includes me my mother and my father an amount of rs 2.5 crore.amongst the above mentioned 3 of us who all are included in the definition of relatives and who all are not?how can he gift the money to us so tht the impact of tax is minimised?
23 October 2011
your parents's brother & sister,Brother & sister of spouse covered in the defination of relative U/s 2(24). so gift from realtive not covered by sec 56(2)(vii). gift from your mamaji exempt in the hands of you,mother,father.
CAclubindia
