Girish (Student) (67 Points)
03 November 2011Mr.A & B are brothers, Mr.X Adopted A, but now A wants give a gift to B (that is his Own Brother) if is it attract the Tax under U/s Sec 56 (2) of Income Tax Act..................?
a. if Mr.X adopted A as per Indhu Adoption Act ...................?
b. if not adopted as per the law ................?
c. wheather their relationship is continue same as before after got adopted by some other person............?
d. if is Taxable. give me the Refrences to the same....................
ACCOUNTANT
(Student)
(559 Points)
Replied 03 November 2011
Normaly gits are taxed if they exceed Rs. 50000 monetary or other wise....
However gifts from a relative are exemted in any case........however the relative should be included in the definition....a brother normally comes under the definition of relative.......
So not bothering about the adoption..its exemted from tax.......
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 03 November 2011
| Originally posted by : Girish | ||
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Mr.A & B are brothers, Mr.X Adopted A, but now A wants give a gift to B (that is his Own Brother) if is it attract the Tax under U/s Sec 56 (2) of Income Tax Act..................? a. if Mr.X adopted A as per Indhu Adoption Act ...................? b. if not adopted as per the law ................? c. wheather their relationship is continue same as before after got adopted by some other person............? d. if is Taxable. give me the Refrences to the same.................... |
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refer the official pan card of both the persons. if father name is common in both the pan card, then gift is not taxable, otherwise taxable.
Raman Sharma
(@ Accountant)
(125 Points)
Replied 04 November 2011
Agree with Mr.US Sharma only......if adoption is under relevant law than it shall come under section 56 (2) clause 7.Hence taxable.
CAclubindia
