Upgrad LLM

gifts from relatives are tax-exempt


As per Section 56(2)(vi) Gift from Relatives are Tax Exempt. wherein the relative has been definded as

  • 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).

Now my query is : Considering the point no 4 above i.e "Brother or sister of either of the parents of the individual";

An individual wishes to gift some amount to the BROTHER of his mother but unfortunately the BROTHER has expired, can his wife (BROTHERS WIFE) be considered eligible for this transaction?

Please do let me the opinion

Thanks & Regards

Ramesh

 
Reply   
 
Advocate

if "Brother or sister of either of the parents of the individual" is sub clause iv then you will be exempted from the tax liabiltiy

 
Reply   
 


Advocate

No you cannot claim exemption

 
Reply   
 

LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

  Search Forum








×

Menu

CrPC MASTERCLASS!     |    x