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- | Income Tax
- 24 Mar 2017
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Kanak Gajjar
Section 56(2)(VII) of the Income Tax Act,1961 reads as any even if amount exceeding Rs. 50,000/- if received from “Relative” then it is not chargeable to tax.
However the definition of the term “Relative” which is given in the 1st explanation to the proviso to section 56(2)(VII) is very wide in its own.
Hence the following list and chart is a simplification of that definition for the ready reference of readers.
EXHAUSTIVE LIST OF RELATIVE U/S 56(2)
| Sr no. | Relative | Covered under |
| 1. | Husband/wife | Clause(i) |
| 2. | Brother and his wife | Clause(ii)with(vii) |
| 3. | Sister and her husband | Clause(ii)with(vii) |
| 4. | Wife’s bro. and his wife | Clause(iii)with(vii) |
| 5. | Wife’s sister and her husband | Clause(iii)with(vii) |
| 6. | Kaka – Kaki | Clause(iv)with(vii) |
| 7. | Fua – Foi | Clause(iv)with(vii) |
| 8. | Mama – Mami | Clause(iv)with(vii) |
| 9. | Masa – Masi | Clause(iv)with(vii) |
| 10. | Father – Mother | Clause(v)with(vii) |
| 11. | Grandfather – Grandmother | Clause(v)with(vii) |
| 12. | Son and his wife | Clause(v)with(vii) |
| 13. | Daughter and her Husband | Clause(v)with(vii) |
| 14. | F I L and M I L | Clause(vi)with(vii) |
| 15. | G F I L and G M I L | Clause(vi)with(vii) |
F I L – Father in Law
M I L – Mother in Law
G F I L – Grand Father in Law
G M I L – Grand Mother in Law
Chart Showing Above List of Relatives
(Author is Currently doing articleship at Shah Mehta & Bakshi, Chartered Accountants, Vadodara, Gujarat and Going to Appear for CA Final in Nov.2017)
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Please clarify if an individual can give gift to his daughter’s daughter.Ifso, whether income acruing after investing the gift money by the donee will be considered as her own income or that of the donor.
huf can give any ammount to his daughter as a gift.it is taxable or not.if not taxable any document require for give tax