gift tax

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srinivas Ganesh Shet (Querist)
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24 February 2010 please let me know whether any land (residential site)property transferred as gift by male assessee to his aunty(mother's sister)(senior citizen)have to be offered for tax,
i think need not to do, since it is a gift transfer for maternal aunty who is close relative to the assessee and also in law i have seen that gift can be received to father's or mother's sisters or brothers which is non taxable

but my doubt is can a gift be taken from father's or mother's sister or brother by the assesse since it is vice versa to the above quote of law

Sohil Ganeriwala

Sohil Ganeriwala (Expert)
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25 February 2010 Any gift received from a relative is exempt u/s 56(vi), and brother and sister of the parents of the assessee come under the definition of relatives in the aforesaid section. Hence the gift can be taken from them.