22 April 2010
Realative for the purpose of this section is (i) spouse of the individual; (ii) brother or sister of the individual; (iii) brother or sister of the spouse of the individual; (iv) brother or sister of either of the parents of the individual; (v) any lineal ascendant or descendant of the individual; (vi) any lineal ascendant or descendant of the spouse of the individual (vii) spouse of the person referred to in clauses (ii) to (vi);] Hence it is taxable in the hands of receiver in your case.
22 April 2010
FIRST MAKE IT CLEAR, WHETHER YOU ARE ASKING QUESTION OR GIVING SUGGESTION? WE ARE JUST GIVING OUR OPINION ACCORDING TO THE LAW. RELATIVES DEFINITION IS GIVEN ABOVE IF THE PERSON GIVING GIFT COMES UNDER ANY ABOVE MENTIONED CATEGORY THEN THE GIFT WILL NOT BE TAXABLE. NOW YOU TELL, THE PERSON GIVING GIFT IS COMING UNDER WHICH CATEGORY ACCORDING TO YOU. AND WHERE DOES THE QUESTION OF BREAKING RELATION ARISES? NOW THE DECISION IS YOURS...........
CAclubindia
