https://www.taxtmi.com/article/detailed?id=1040 Section 56(2)(vii) treats certain gifts received without or for inadequate consideration as taxable under the head Income from other sources when valuation thresholds are exceeded, but excludes amounts received from a relative, on marriage, by will or inheritance, in contemplation of death, and from specified public or charitable entities. The statutory definition of "relative" encompasses spouse, siblings, siblings of spouse, siblings of parents, lineal ascendants and descendants of the individual and spouse, and spouses of those relatives; the author lists thirty-six specific relational categories whose gifts are not taxable. en-us Thu, 02 Dec 2010 08:42:26 +0530 Fri, 03 Dec 2010 01:55:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1040 Section 56(2)(vii) treats certain gifts received without or for inadequate consideration as taxable under the head Income from other sources when valuation thresholds are exceeded, but excludes amounts received from a relative, on marriage, by will or inheritance, in contemplation of death, and from specified public or charitable entities. The statutory definition of "relative" encompasses spouse, siblings, siblings of spouse, siblings of parents, lineal ascendants and descendants of the individual and spouse, and spouses of those relatives; the author lists thirty-six specific relational categories whose gifts are not taxable. Articles Income Tax Thu, 02 Dec 2010 08:42:26 +0530 https://www.taxtmi.com/article/detailed?id=1040