Relatives for Gift
This query is : Resolved
01 May 2009
Please tell which of my family members can give loan to my wife, exceeding RS. 50,OOO/- And not attracting income tax liability.Can you elaborately explain the definition of "relative" for Income tax purpose.
01 May 2009
Meaning of ralative:
1. Spouse of Individual.
2. Brother or sister of the Individual.
3. Brother or sister of spouse of the Individual.
4. Brother or sister of either of the parents of the Individual.
5. Any lineal ascendent or descendent of the Individual.
6. Any lineal ascendent or descendent of the spouse of the Individual.
7. Spouse of the person refered to in (2) tp (6).
1. Spouse of Individual.
2. Brother or sister of the Individual.
3. Brother or sister of spouse of the Individual.
4. Brother or sister of either of the parents of the Individual.
5. Any lineal ascendent or descendent of the Individual.
6. Any lineal ascendent or descendent of the spouse of the Individual.
7. Spouse of the person refered to in (2) tp (6).
01 May 2009
Loan is not taxable in the hands of wife. If any person refered above gives gift to your wife same will not be taxable in her hands.
02 May 2009
WEll said by Tilak Sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Tds on building rent monthly
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
Trending Online Classes
CAclubindia
