meaning of RELATION WITH REGARD TO GIFT TAX

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sunil butaney (Querist)
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22 February 2011 MY MOTHER' SISTER' SON I.E. MY MATERNAL COUSIN WANTS TO GIFT SOME AMOUNT TO ME MY WIFE, MY SONS MY DAUGHTERS, MY GRAND SONS AND MY HUF. ALSO HUF OF MY SONS. IS IT PERMISSIBLE UNDER SECTION 56 OF THE IT ACT. SUNIL BUTANEY/ PRACTITIONER, AJMER.

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Guest (Expert)

22 February 2011 It will not be exempted u/s 56

sunil butaney

sunil butaney (Querist)
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23 February 2011 MOONDRA SB THANKS FOR THE REPLY, BUT CAN YOU PLEASE ELABORATE ON IT. BECAUSE WHAT I FEEL THE LINK I EXPLAINED ABOVE FORMS RELATION IN DESCENDING ORDER SINCE HE IS MY MATERNAL COUSIN AND IS COVERED UNDER SUB SEC (V)OF (G)(VI)OF SEC 56(2. SURE THE POSITION IS NOT CLEAR IN MY MIND. THAT IS WHY I MADE THE QUERY. YOUR EXPLANATION MAY HELP ME. THANKS.

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Guest (Expert)

23 February 2011 You please just go through the list of relatives given u/s 56. You will get the reply. Please out all the relatives in the Hindi one by one. your confusion will be over.

Dhirajlal Rambhia online

Dhirajlal Rambhia online

(Expert)
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08 October 2021 The donor is not relative as per the sec. 56(2) for the recipients, as such the gifts above Rs. 50,000/- PA will be taxable. But the exemption limit can be utilized every year by all individuals.