Income Tax Definition Of Relative
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
List Of Relatives Covered Under Section 56 2 Of Income Tax Act 1961
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The concept of joint terminology and to rope in such relationship as well within the mischief of s.
Income tax definition of relative. Son in law falls in definition of relative so this kind of gift not attract any kind of income tax. 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. Lineal ascendant descendant of individual or of spouse. 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.
Brother or sister of individual or of spouse. 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. 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. 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.
Let us understand the definition of relatives as per the income tax act for gift and under fema. Goods service tax tax act 2017 analysis. As per gift tax any relative means as per section 56 2 spouse. Tax department to extend the term relative by treating relative of relative as relative i e.
Meaning of relative as per section 13. The author in this article has analyzed the provisions of the various acts with regard to the definition of a relative. 19 april 2020 a gift received from relative any time during the year whether in cash or kind is exempt from tax under income tax act 1961. As per the income tax act.
A comparative analysis has been done among the definitions provided under. As per gift tax any relative means as per section 56 2. As per the 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.
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