List of relative under section 56
WebThis article provides list of relatives covered Section 56(2)(VII) of the Income Tax Act,1961. As per Section 56(2)(VII) if any gift received from relative which are covered under following list will be exempt in the hands of receiver. WebChanges to legislation: Police and Criminal Evidence Act 1984, Section 56 is up to date with all changes known to be in force on or before 17 March 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
List of relative under section 56
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Web3 jan. 2015 · As per the Income Tax Act: 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 Gift tax:Any ‘Relative’ means as per Section 56 (2), Spouse Brother or sister of individual or of spouse Brother or sister of either parents Web6 sep. 2024 · Section 56(2)(viia) of the Act provided that when shares of closely held company received without consideration or for inadequate consideration where …
WebAs per explanation to clause (vii) of Section 56(2), the following persons are considered as relatives: In case of an individual. Spouse of the individual; Brother or sister of the … Web14 nov. 2024 · According to the IT Act, following persons would be considered as relative --spouse, brother or sister, brother or sister of the spouse, brother or sister of either of the …
Web4 feb. 2024 · Amit Maheshwari, Partner, Ashok Maheshwary and Associates says, "The money that you have been transferring to your granddaughter will not be taxable in her hands. According to Section 56 (2) (vii) of the Income-Tax Act, gifts received from relatives are not taxable. The specified list of relatives includes grandparents and grandchildren … Web13 jan. 2024 · Explanation to clause (vii) of Section 56 (2) gives the definition of ‘Relatives’ for the purpose of exemption from income tax in the case of gifts as follows: For the …
Webb. Higher of. – Rs. 50,000. – 5 % of Consideration (5% of Rs. 4.80 Lacs = Rs, 24,000) The difference amount is higher than Rs. 50,000, hence it will be taxable. 4. Some Exempt gifts. If any gift is received from below mentioned people or in following situations then those gifts are fully exempt under Income Tax.
Web25 sep. 2024 · In this article, we will discuss the list of relatives covered under section 56 (2) of the Income-tax Act. Under the Income-tax Act, If Any sum of money or value of … dvr offices wisconsinhttp://sreluri.in/wp-content/uploads/2024/03/List-of-Relatives-us-562VII-of-Income-Tax-Act.pdf crystal carlsonWebAmendment of section 56. 13. In section 56 of the Income-tax Act, in sub-section (2), after clause (iv), the following clause shall be inserted at the end, with effect from the 1st day of April, 2005, namely:— ‘(v) where any sum of money exceeding twenty-five thousand rupees is received without consideration by an individual or a Hindu undivided family from any … crystal carlson-myerWebGift received from a relation shall not taxable in hands by recipients under section 56 of Income Tax Actual. That persons who are considered since relatives are In the case of … crystal caringWebfChart Showing List of Relatives covered under section 56 (2) f A) In case of HUF – Any member of the HUF B) In case of an individual 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 crystal carlson nickerson facebookWebGift received from a relative is not taxable in hands of the recipient under section 56 of Income Tax Act. The persons who are considered as relatives are. In case of an … dvr officinaWebIn section 56 of the Income-tax Act, in sub-section (2), after clause (iv), the following clause shall be inserted at the end, with effect from the 1st day of April, 2005, namely:— dvr of nm