14 December 2011
i want to know that if an assessee received a gift from his/her brother's son than is it taxable or exempt to the assessee as per the provision of the income tax act 1961?.
14 December 2011
Agree with expert brother,s son not covered in the defination of relatives Read below list of relatives
lineal ascendants / descendents so far as the meaning of relative u/s 56 (2) (vii) of the Income-tax Act is concerned. 1. Spouse 2. Father 3. Mother 4. Son 5. Son’s wife 6. Son’s son 7. Son’s son’s wife 8. Great Grandson 9. Great Grandson’s wife 10. Grand Father 11. Grand Mother 12. Great Grand father 13. Great Grand Mother 14. Brother / Sister 15. Spouse of Brother / Sister (Bhabhi / Jiyajee) 16. Spouse’s father / mother (Sas / Sasur) 17. Spouse’s brother / sister (Devar / Jeth / Nanad/ Sala/ Sali) 18. Spouse of spouse’s brother / sister (Devarani /Jethani / Nandoi/ Salhej / Sadhu) 19. Grand father/ mother of spouse 20. Mother’s brother / sister and their spouse (Mama / Mami/ Masi / Mausa) 21. Father’s brother / sister and their spouse (Chacha / Chachi/ Tau/ Tai/ Bhua / Fufa)
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