Gift tax
This query is : Resolved
26 April 2014
can anybody told me that daughter in law comes in which catagery of relatives under section 2(41) of the income tax act.
26 April 2014
Hello ..
U/s 2(41) relative to an individual means the husband , wife , brother or sister or any lineal ascendant or descendant of that individual...
there are 2 types of variants wrt to relationship ... vertical and horizontal ...vertically it covers father , mother , son , daughter etc... and horizontally it covers brother and sister but it doesnt extend beyond that...
under sec 2(41) daughter in law and sister in law are not recognised as relative ...
U/s 2(41) relative to an individual means the husband , wife , brother or sister or any lineal ascendant or descendant of that individual...
there are 2 types of variants wrt to relationship ... vertical and horizontal ...vertically it covers father , mother , son , daughter etc... and horizontally it covers brother and sister but it doesnt extend beyond that...
under sec 2(41) daughter in law and sister in law are not recognised as relative ...
26 April 2014
it is section 56(2) where it is covered under definition of relatives./
Message likes :
1 times
26 April 2014
its 56(2)brother ... there is no 2(56) section in income tax act... harinder is asking for sec 2(41)
27 April 2014
Unfortunately, he is misplacing his reliannce on 2(41) instead of 56(2). With regards to gifts, the definition of relatives is covered under 56(2) wherein daughter-in-law is covered as a relative as "spouse of lineal descendant"
28 April 2014
Apologies nikhil and tushar ... thank you for the correction nikhil ... point noted ... :)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- RCM INVOICING FROM NOV-2024
- Disallowance of Section 43B(h) to sez units
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Confusion around Form 26QB fields
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
