Home |Tax returns filing | Gift received from relatives is exempt from tax. Who will be considered as relative for the purpose of claiming such exemption?

Gift received from relatives is exempt from tax. Who will be considered as relative for the purpose of claiming such exemption?

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Varun Varun
Answered on January 03,2020

Gift received from relatives is exempt from tax.  by virtue of Section 56. Following persons would be considered as relative

(a) Spouse of the individual;

(b) Brother or sister of the individual;

(c) Brother or sister of the spouse of the individual;

(d) Brother or sister of either of the parents of the individual;

(e) Any lineal ascendant or descendant of the individual;

(f) Any lineal ascendant or descendant of the spouse of the individual;

(g) Spouse of the persons referred to in (b) to (f).

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