CA Siva Kishore (M.COM, F.C.A.) (716 Points)
15 June 2008Hi everybody! Can anyone please explain the term Lineal ascendant of an Individual in the view of taxability of gifts as per Section 56? will the term '
Lineal ascendant' include father and mother of mother i.e. grand parents from mother's side? in short, will Grand parents from mother's side of an Individual be termed as Relative for the purpose of taxation of gifts as per section 56?
S.Srinivasaraghavan
(Chief Financial Officer and Co)
(11318 Points)
Replied 16 June 2008
Rushikesh
(Chartered Accountant - Manager Finance)
(2375 Points)
Replied 16 June 2008
A lineal desecndant is a directdesecnding ancestor of a person.
pradeep mehrotra
(senior manager)
(32 Points)
Replied 11 April 2010
whether lineal assendent/decendents include son's wife also for gift u/s 56
pradeep mehrotra
(senior manager)
(32 Points)
Replied 11 April 2010
whether liniel decedent include sons wife also for gift tax exemption u/s 56?
pl enlighten us.
lokesh
(n.a)
(21 Points)
Replied 21 December 2010
Son's Wife Is Not Include In the lineal descendant
But , As Per Section 56
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, and
(vii) spouse of a person referred to in items (2) to (6) mentioned above.
Since The 7th Clause include Spouse Of Clause 5th
So Son's Wife Is covered U/s 56 , And the Gift to Son's Wife is Not Chargeble To Tax
Tarun Arora
(Student)
(25 Points)
Replied 11 April 2017
I have the same query about grandparents from mother side
Tarun Arora
(Student)
(25 Points)
Replied 11 April 2017
Neethi V. Kannanth
(.)
(19020 Points)
Replied 20 January 2021
As per section 56(2)(vii) grandmother and grandfather of the individual are considered as relative.
Prachi Bansal
(3129 Points)
Replied 26 February 2021
Could anyone please mention clearly what all lineal descendants include?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177639 Points)
Replied 08 January 2023
| Originally posted by : Bianca Vaid | ||
 |
Ascendant includes nephew cousins? NO... |
 |
Excel Mastery Program
CAclubindia
