Gift Tax
CA Pankaj Bansal (Manager) (82 Points)
28 January 2010
Definition of "Relative" for taxability of Gift under Income Tax Act
4 Replies
Amir
(Learner)
(4016 Points)
Replied 28 January 2010
Dear Pankaj,
RELATIVE is defined as follows - (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);]
C.Balaji
(Learner)
(1867 Points)
Replied 28 January 2010
Mr. CA. Pankaj
The Explanation to Section 56(2)(vi) provides that the expression "relative" means:
- Spouse of the individual;
- Brother or sister of the individual;
- Brother or sister of the spouse of the individual;
- Brother or sister of either of the parents of the individual;
- Any lineal ascendant or descendant of the individual;
- Any lineal ascendant or descendant of the spouse of the individual; and
- Spouse of the person referred to in clauses (2) to (6).
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