gift excemption

gyangyanjain (Querist) 21 December 2015 This query is : Resolved
Can my blood brother give gift by cheque to my son and if yes under what section of IT tax .

Follow Query

Report Abuse

Adv. Yogen Kakade (Expert) 21 December 2015
Anyone can gift anything to anyone.. tax is applicable in your case.. Your tax consultant might tell you about the %

Rajendra K Goyal (Expert) 21 December 2015
Gift from relative does not attract tax.

The Explanation to Section 56(2)(vi) provides that the expression "relative" means:

Spouse of the individual;
Brother or sister of the individual;
Brother or sister of the spouse of the individual;
Brother or sister of either of the parents of the individual;
Any lineal ascendant or descendant of the individual;
Any lineal ascendant or descendant of the spouse of the individual; and
Spouse of the person referred to in clauses (ii) to (vi).

Previous

Next

You need to be the querist or approved LAWyersclub expert to take part in this query .

Click here to login now

Similar Resolved Queries :

Ask Query
Unanswered Queries