Are following perons included in the defination of relative for getting exemption ???
1)Grandmothers brother
2)cousin
3)Uncles son
14 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 30 October 2017
Yes all are in defination of relative...
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 31 October 2017
No.no.no. No one of the above is included in the definition of relative for getting exemption.
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 31 October 2017
Grandmother's brother is not relative but why other two not included..
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 31 October 2017
Cousin is not relative, only brother & sister are relative, who have common parents.
Pardeep Garg
(CA-Final Student)
(801 Points)
Replied 31 October 2017
& third one : uncle's son is also cousin..
MURALIDOSS
(INCOME TAX PRACTITIONER)
(1329 Points)
Replied 31 October 2017
how much we can receive as gift from blood relations in a financial year?
also how much we can credit as marriage gifts/or earboring function?
Pallav Bansal
(CA Final)
(372 Points)
Replied 31 October 2017
1. From Relatives (as per section 56(2)) - Any amount Exempt
2. Anything of any value received on the occasion of marriage by the Bride or Bridegroom only (not by parents etc.) - Exempt
3. Anything received from anyone (except in case of 1 and 2 above) - Fully Taxable if Amount(in case of Moveble property or cash) or FMV(in case of immovable Property) *exceeds Rs. 50000*
2. Anything of any value received on the occasion of marriage by the Bride or Bridegroom only (not by parents etc.) - Exempt
3. Anything received from anyone (except in case of 1 and 2 above) - Fully Taxable if Amount(in case of Moveble property or cash) or FMV(in case of immovable Property) *exceeds Rs. 50000*
GEETIKA
(Article)
(28 Points)
Replied 02 February 2018
is sisters daughter can give me gift...is it taxable....
Pallav Bansal
(CA Final)
(372 Points)
Replied 02 February 2018
Taxable as not covered under section 56(2)
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