Ad free CAclubindia and daily updates on your mobile. Subscribe Now!

Section 56(2)

03 August 2019

Hi,
Gift received from son/daughter to Parents.(Land). Parents are Income tax Return filed assessee. Gift tax or not tax in Parents books.

Reply
Follow
Share

4 Replies

Kapadia Pravin (17259 Points)
Replied 03 August 2019

not taxable

Upgrade to CAclubindia Pro. Subscribe Now!

Shweta Gupta (Assistant Manager) (224 Points)
Replied 03 August 2019

yes it will not be taxable because son covered under list of relative and gift is not taxable if it receive from relative as per income tax act but if daughter is married then it will not cover under definition of relative

Kapadia Pravin (17259 Points)
Replied 03 August 2019

Explanation.—For the purposes of this clause, "relative" means—

[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];