Gift from jethani is taxable or not?

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SHREEPAL LALWANI

SHREEPAL LALWANI (Querist)
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22 June 2018 Sir,

Can anyone tell me that Gift received from Jethani is taxable under income tax act or not?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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22 June 2018 refer 56(2)(vii) - definition of relative is provided therein. If you are still confused, revert here.

SHREEPAL LALWANI

SHREEPAL LALWANI (Querist)
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23 June 2018 yes, after reading section 56(2)(vii) I am still confused that gift received from Jethani is taxable or not under income tax act?

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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23 June 2018 Gift received from Jethani is not taxable in the hands of Derani.
Jethani is- spouse of brother of the spouse of individual. (Refer the explanation (e) to Section 56(vii)
starting with the words "relative" means -Please refer (C) & (G) collectively.)