dear all,
if an ind. recieve any sum in excess of50,000/- from his son, then is it a taxable income u/s - 56(2)(vi). and
plz tell me the full meaning of lineal asendent & lineal disendent
13 Replies
Sunshine
(Helping All)
(10575 Points)
Replied 25 June 2011
no it wont be taxable as gifts from relative is not at all taxable..
Sunshine
(Helping All)
(10575 Points)
Replied 25 June 2011
lineal means in a straight line...u need to see the hierarchy..
ascendants are the ones elder to u....means, father, mother, their parents and their parents. and so on.
descendants- son,daughter,their spouse, and so on...
Deepesh Khatri
(CA)
(167 Points)
Replied 25 June 2011
It will not be taxable.
Lineal ascendent - Person of the same blood lineage belonging to an earlier generation.
Lineal descendent - Person of the same blood lineage belonging to a latter generation.
valji
(Accounts manager-MBA)
(2150 Points)
Replied 25 June 2011
gift receive from relative not taxable
CS,CA F,Numrologi TusharSampat
(CS CA F Numerologist Astrologer Graphologist Face reader Vastu Expert)
(85930 Points)
Replied 28 June 2011
| Originally posted by : Sunshine... | ||
 |
lineal means in a straight line...u need to see the hierarchy.. ascendants are the ones elder to u....means, father, mother, their parents and their parents. and so on. descendants- son,daughter,their spouse, and so on... |
 |
AGREED.
CA SACHIN VIJ
(Chartered Accountant)
(112 Points)
Replied 12 March 2012
After 01 October 2009 sec 56(2) (vi) is obsolete and sec 56 (2) (vii) is applicable after 01 October 2009.
And as per the section cash gift from son not taxable upto any amount.
manoj lavu palambe
(article assistance)
(39 Points)
Replied 15 March 2012
gift received from blood relatives are always fully excempted
pooja
(student cpt)
(93 Points)
Replied 25 November 2012
hello friends... i recently read in a tribune newspaper dat in a gift transaction, both donor n donee r exempt from tax .... i m not sure in wat context hv they talked about the donor,.... money dat is given by donor to his relative is clubbed in doner's income ..... so how can be donor exempt from tax ?????????...... please clarify..............soooooooon
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