midhun kumar (student) (10 Points)
25 May 2018If A is relative of B as per sec 56(2) of it act, Inevitably then B is relative of A ?, Or We have to check relative definition again.
Can you give supportive case laws for the same..
clarify if i give gift to my father's sister then it is taxable or not.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166601 Points)
Replied 25 May 2018
" If A is relative of B as per sec 56(2) of it act, Inevitably then B is relative of A ?, Or We have to check relative definition again?
Yes, relation as defined u/s. 56(2) are exact and not reversible.
Gift to your BUA (Father's sister) is taxable, you are not her relative !!! Though for you she is....... (Of course, only as per sec. 56(2) of IT act)
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166601 Points)
Replied 25 May 2018
Well, if it is [monetary] gift......... you can gift your BUA via your father.......
As gift to your father and additionally gift (of your father to his) sister are tax exempt !!
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