Lineal ascendants and descendents
SANGAMESWARA RAO DHUPAM
(Querist) 13 December 2013
This query is : Resolved
Respected Sirs,
Kindly explain the line of relationships with an individual as regards lineal ascendants and descendants in terms of gift tax under Section 56(2) of I.T.Act. Whether son or daugther of an individual begins to come under lineal Descendant or from son`s son/daughter or daugther`s son/daughter comes as lineal descendant. Please sirs,enlighten me as early as possible.
R.K Nanda
(Expert) 13 December 2013
consult tax lawyer.
SANGAMESWARA RAO DHUPAM
(Querist) 19 December 2013
Respected Sir,
Thanks to the reply. The Government of Andhra Pradesh amended Article 49-A and Article 29 of Schedule I-A to the Indian Stamp Act, 1899 regarding chargeability of Gifts and Settlements. There it is mentioned Gifts in favour of relatives as defined U/s 56(2) of I.T.Act, 1961 chargeable to duty 1% on the Market value of the property and hence I request to Kindly explain the line of relationships with an individual as regards lineal ascendants and descendants in terms of gift tax under Section 56(2) of I.T.Act. Whether son or daugther of an individual begins to come under lineal Descendant or from son`s son/daughter or daugther`s son/daughter comes as lineal descendant. Please sirs,enlighten me as early as possible.
T. Kalaiselvan, Advocate
(Expert) 22 December 2013
