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Query: What is the definition of “Relative”, from whom sum of gifted money or any movable or immovable asset received by an Individual is exempt from tax

Category: Income Tax

Answer: Following persons are covered in the definition of relative from whom any monetary gifts / gift of movable asset / gift of immovable property to an Individual is exempt from tax: - 1. Spouse of an Individual 2. Brother or Sister of an Individual 3. Parents of an Individual including any lineal ascendant or descendent of an Individual 4. Parents of the spouse of an individual including any lineal ascendant or descendent of the spouse of an Individual 5. Brother or Sister of the spouse of an Individual 6. Brother or Sister of either of the parents of the Individual 7. Spouse of any the person covered from point 2 to 6

Date Posted 29-Dec-2019
Posted By Kumar Prakash
Views: 869



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