Gift under income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

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?.

please give the answer with expiation.

anurag

anurag (Expert)
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14 December 2011 it will be taxable.
brother's does not come within the definition of relative u/s 56(2).

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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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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