23 December 2011
gift more than Rs. 50000 still taxable as said by expert u/s 56(2)(vii).... because She is not relatives as per sec 2(41) read following paragarph for defination of relative-
the followings persons will be the lineal ascendants / descendents so far as the meaning of relative of the Income-tax Act is concerned.
1. Spouse 2. Father 3. Mother 4. Son 5. Son’s wife
6. Son’s son 7. Son’s son’s wife 8. Great Grandson 9. Great Grandson’s wife
10. Grand Father 11. Grand Mother 12. Great Grand father 13. Great Grand Mother 14. Brother / Sister 15. Spouse of Brother / Sister (Bhabhi / Jiyajee)
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