Difference between first relation and second relation in gift

Dear querist,

As per the Income tax act, the sum of money received from any of your relatives are fully exempt from tax. Here the “relatives” term defines by the Income Tax act as follows :

1. Spouse of the individual

2. Brother or sister of the individual

3. Brother or sister of the spouse of the individual

4. Brother or sister of either of the parents of the individual

5. Any lineal ascendant or descendant of the individual

6. Any lineal ascendant or descendant of the spouse of the individual

7. Spouse of the person referred to in clauses (ii) to (vi).

In case of a Hindu undivided family, any member thereof;

non-relatives means anyone who doesn’t come under the above mentioned relation for you. In this case you are tax exempt up to maximum of Rs.50000 for a financial year. If you receive the sum of money worth more than Rs.50000, you are liable to pay the tax on the aggregate amount (that is, total amount received). This rule applies when the gift is a sum of money, whether in cash, by way of cheque, bank draft or any articles which are worth more than Rs.50000.

Regards,

Palak

Hey Palak, 

Could you please elaborate? 

Thanks!

Dear Querist,

Any self-acquired property can be bequeathed or gifted to any person according to the wish of the testator or donor without taking consent from anyone. However, the mother and daughters being legal heirs and interested parties in the concerned property, can dispute the said transaction of gift. Besides, the mother has a legal right to claim maintenance from her husband.

As per the Hindu Succession Act, 1956, you as a daughter have an equal right in your father’s self-acquired property if he died intestate.

regards,

palak

What are the facts? What is the context?