Meaning of Relative for Section 56(2): The gift is something we prefer to get from our adored ones, yet are we mindful about the assessment suggestions on the equivalent. Under Income Tax Act 1961, there are numerous standards on accepting blessings dependent on the idea of the blessing and from whom the individual has gotten the gift.
This article gives a rundown of family members covered in Section 56(2)(VII) of the Income Tax Act,1961. According to Section 56(2)(VII), if any gift from relative who are covered under after rundown will be excluded from the collector’s possession.
Anyway, the meaning of the term ‘Relative’, which is given in the first clarification to the stipulation to area 56(2)(VII), is extremely wide on its own.
According to the Income charge act, the expression “family members” is portrayed in detail. As gift got as money, cheque or great from your relative is wholly excluded from the charge. So if you get cash from any of your family members recorded underneath, you are not responsible for paying any expense on something very similar.
Gifts Received From Relatives
- Father or Mother of the person
- Sibling or Sister of the person
- Child or little girl of the person
- Fantastic child or Grand girl of the person
- A mate of the individual, i.e. spouse or wife of the person
- Sister’s Husband or Brother’s Wife of the person
- Sibling or Sister of the life partner (Wife) of the person
- Sibling or Sister of the mate (Husband) of the person
- Sibling or Sister of the Mother of the person
- Mother’s Sister’s Husband of the person
- Spouse’s sibling’s significant other of the person.
- Father’s Brother of the person
- Father’s Brother’s Wife of the person
- Father’s Sister’s Husband of the person
- Father’s Sister of the person
- Granddad or Grand Mother of the person
- Incredible Grand Father or Great Grand Mother of the person
- Little girl’s Husband of the person
- Child’s wife of the person
- Spouse’s Father or Wife’s Mother of the person
- Spouse’s Father or Husband’s Mother of the person
- Spouse’s Grand Father of the person
- Spouse’s Grand Mother of the person
- Spouse’s Grand Father of the person
- Spouse’s Grand Mother of the person
- Spouse’s Great Grand Father of the person
- Spouse’s Great Grand Mother of the person
- Spouse’s Great Grand Father of the person
- Spouse’s Great Grand Mother of the person
- Sibling’s wife of the person
- Mother’s Brother’s Wife of the person
- Spouse’s Brother’s Wife of the person