Gift to relatives for purchase of land

Divya Priya (student) (333 Points)

16 February 2020

can a tax payer gift some amount to blood relatives for purchase of land ??
who are the blood relatives?

Reply
Follow
Share

2 Replies

Aruna (student ) (53 Points)
Replied 17 February 2020

Of that relative covers under definition of relative in ITAct

Spurto Consultancy Services (Consultant) (1891 Points)
Replied 17 February 2020

Gift received from relatives are exempt from tax by virtue of Section 56. Following persons would be considered as relative :

(a) Spouse of the individual;

(b) Brother or sister of the individual;

(d) Brother or sister of either of the parents of the individual;

(e) Any lineal ascendant or descendent of the individual;

(f) Any lineal ascendant or descendent of the spouse of the individual;

(g) Spouse of the persons referred to in (b) to (f)

Start a New Discussion