Tax Consultation (US and India)
2970 Points
Joined September 2011
Gift to relatives is exempt u/s 56(2)
Do make a gift deed as an evidence , mentioning therein that its out of natural love, no consideration received .
"relative" means,—
(i) in case of an individual—
(A) spouse of the individual;
(B) brother or sister of the individual;
(C) brother or sister of the spouse of the individual;
(D) brother or sister of either of the parents of the individual;
(E) any lineal ascendant or descendant of the individual;
(F) any lineal ascendant or descendant of the spouse of the individual;
(G) spouse of the person referred to in items (B) to (F); and
(ii) in case of a Hindu undivided family, any member thereof;