Definition Of Relative In Income Tax
List Of Relatives Covered Under Section 56 2 Of Income Tax Act 1961 Http Taxguru In Income Tax List Relatives Covered Under Secti Income Tax Taxact Income
Meaning Of Relative As Per Income Tax Act 1961
List Of Relatives Covered Under Section 56 2 Of Income Tax Act 1961
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As per the income tax act.
Definition of relative in income tax. Lineal ascendant descendant of individual or of spouse. Brother or sister of either parents. As such the word is vague. As per gift tax any relative means as per section 56 2.
Section 2 41 relative in relation to an individual means the husband wife brother or sister or any lineal ascendant or descendant of that individual. As per section 2 41 of the income tax act 1961 relative in relation to an individual means the husband wife brother or sister or any lineal ascendant or descendant of that individual. Section 2 41 relative in relation to an individual means the husband wife brother or sister or any lineal ascendant or descendant of that individual. As per the income tax act.
The concept of joint terminology and to rope in such relationship as well within the mischief of s. Gift received from a relative is not taxable in hands of the recipient under section 56 of income tax act. Relative in relation to an individual means the husband wife brother or sister or any lineal ascendant or descendant of that individual this is definition on income tax site can you please tell me how lineal ascendant or descendant of wife are falling in meaning of relative. The definition is explained further in section 56 2 vii under which it is cleared that gifts received from relatives are not chargeable under income from other sources further clarifying that they.
14 0 an attempt was made by the i. Further definition of relative under section 2 41 of income tax act 1961 is the main definition and if the term relative is not defined specifically under any other section then the meaning of term relative has to be defined according to this section. A qualifying relative is a person designated by federal income tax code to be allowed to be claimed as a dependent by a taxpayer assuming the taxpayer provided considerable financial support for. In that definition we have come across the word relative a number of times.
However the word relative is defined under section 2 77 of the companies act 2013 read with rule 4 of the companies specification of definitions details rules 2014. The persons who are considered as relatives are. Meaning of relative as per section 13. In case of an individual.
Tax department to extend the term relative by treating relative of relative as relative i e. Relative meaning jan 1 2020 income tax act 1961 kewal garg as per section 2 41 of income tax act 1961 unless the context otherwise requires the term relative in relation to an individual means the husband wife brother or sister or any lineal ascendant or descendant of that individual.
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