07 June 2024
As per Income Tax Act Section 56(2)(X), Gift Received from Relatives Exempt from Tax. Relative Definition expressively include "Aunty" as Relative. So, the Gift from "Father's Brother's Wife i.e. My Aunty" to "me" is Exempt but Whether Gift from "Grand-Father's Brother's Son's Wife i.e. My Father's cousin Brother's Wife i.e. My Cousin Aunty" to "me" also Exempt?
Is "Linear Ascendant" include "Cousin Brother and his Wife" as Relative of "me"?
Can Anyone give me exact meaning of "Linear Ascendant"
07 June 2024
No, not exempt in case of cousin aunty, or even from cousin. Linear ascendant means father to grand ,,,, grand father/s but never their son/s.
CAclubindia
