Indirect tax (section 56(2) )
This query is : Resolved
26 July 2013
Dear Sir,
whether gift from wife's mother is taxable or not?
whether gift from wife's mother is taxable or not?
26 July 2013
It is not taxable.
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)
Read more at: https://www.caclubindia.com/forum/relatives-u-s-56-2-vii-from-whom-gift-is-permissible--98674.asp
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)
Read more at: https://www.caclubindia.com/forum/relatives-u-s-56-2-vii-from-whom-gift-is-permissible--98674.asp
Message likes :
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26 July 2013
Thanks sir
You remove my doubt.
You remove my doubt.
27 July 2013
Gifts that are not taxable at all are those that are received from relatives. Relatives are defined by the following relationships of the individual:
Parents
Parents siblings and their spouse
Siblings
Spouse of siblings
Daughter and son
Spouse of daughter and son
Spouse
Spouse’s parents
Spouse‘s siblings and their respective spouse.
Parents
Parents siblings and their spouse
Siblings
Spouse of siblings
Daughter and son
Spouse of daughter and son
Spouse
Spouse’s parents
Spouse‘s siblings and their respective spouse.
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