What is reason that gift is taxable if given to sons wife u/s 64 and not tax if given to son. under income tax act
1 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 14 June 2012
Becuase wife is not a lineal descendant of the father as per I-T Act. Hence gift is taxable if given to wife of the son. Relatives as per I-T act, means only the persons who are in direct relation to the concerned. In case of an father the direct relations would be wife, father, mother sons.
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