19 July 2011
Mr. A born in Family "X" is adopted by family "Y". So in such case if gift is recieved from a blood relative ie. a relative from family "X" would it still be considered as relative and would stand exempt under sec. 56? and gift recieved from a relative of adopted family would be exempt under sec 56.
In short would gift recieved from both the families stand exempt or not?
19 July 2011
It will stand exempt only limited to Mr. A. If Old Family Member of Mr. A gift to New Family Members of Mr. A (except his spouse) then such gift shall be taxable.
27 July 2011
I am not asking of family members recieving any gifts. The query is whether a gift recieved by a person who is adopted child from both the families would be exempt?
CAclubindia
