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Are gifts received by relatives exempt from income tax?
23-May-2023 (In Tax Law)
a) Spouse of the individual (husband or wife)
b) Brother or sister of the individual
c) Brother or sister of the spouse of the individual (brother in law or sister in law)
d) Brother or sister of either of the parents of the individual (aunts and uncles)
e) Any lineal ascendant or descendant of the individual (parents, grandparents, children, grandchildren)
f) Any lineal ascendant or descendant of the spouse of the individual, (eg. father in law, mother in law)
g) Spouse of the persons referred to in (b) to (f)."
70+
Adv. Chikirsha Mohanty
Delhi | 200+ Answers
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