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Who is lineal descendant & Ascendent of an Individual for Gift Tax Purposes ? |
Who is lineal descendant & Ascendent of an Individual for Gift Tax Purposes ? Well there is no Gift Tax Act now , so you should not bother about gift tax. There is only an implication of income tax on gift as per provision contained u/s 2(24) read with Section 56(2) of the I T Act . In simple terms gift above Rs 25,000 shall be taxable as income of the person receiving the gift unless the gift is not given by 1. relatives 2 . or received on occasion of marriage 3. received on account of Will or as part of inheritance 4. in contemplation of death of payer of gift. Relative has also been defined for this purpose as follows: (i) spouse of the individual; (ii) brother or sister of the individual; (iii) brother or sister of the spouse of the individual; (iv) brother or sister of either of the parents of the individual; (v) any lineal ascendant or descendant of the individual; (vi) any lineal ascendant or descendant of the spouse of the individual; (vii) spouse of the person referred to in clauses (ii) to (vi). Source(s): In case you have any question on IT Act, yu can visit my recently started blog www.q4tax.blogspot.com Lineal acendent and descendant are - son / daughter, grand son / daughter, grand grand son / daughter |
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