Gift to Daughter of Spouse's Sister - Very Urgent

[Abhinandan Baid]

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

 

Very Urgent

Thanks & Regards

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.