Gift to Daughter of Spouse's Sister - Very Urgent

[Guest]

Whether Daughter of Sister in law (Sali) comes under the definition of relative for Gifting purpose as per the Act ?

 

Very Urgent

Thanks & Regards

[CAGOPALJI AGRAWAL]

No, she will not as per explanation to section 56 (2)(v).

[Guest]

Thanks A lot Sir.

But as per the Hindu terminology , the relation is of Mausa .So as per the link given below the gifting of Mausa to his/Spouse's Bhatija/Bhatiji is covered under definition of relative .Please refer the link as the detailed analysis is by an eminent expert in the field of Income Tax:http://www.itatonline.org/articles_new/index.php/law-on-taxability-of-gifts-a-comprehensive-analysis/.

So it seems that it is covered under the definition of relative.Kindly let me know your view after reading the text in the link.

Thanks

AI Summary

Debate on Whether Sister-in-Law's Daughter Qualifies as Relative for Tax Gifting Under Section 56(2)(v) A forum participant inquired whether a daughter of a sister-in-law qualifies as a relative for gifting purposes under the Income Tax Act. A chartered accountant responded that she does not, according to section 56(2)(v). The inquirer referenced Hindu terminology and an analysis suggesting that such a relationship might be considered a relative, citing an external source for further clarification. The discussion highlights differing interpretations of the term 'relative' for tax purposes.