Relative Definition Under Income Tax

In the case of pendurthi chandrasekhar v.

Relative definition under income tax. Let us understand the definition of relatives as per the income tax act for gift and under fema. Section 56 did not envisage any occasion for a relative to give a gift. The definition is explained further in section 56 2 vii under which it is cleared that gifts received from relatives are not chargeable under income from other sources further clarifying that they. The fact of adoption is irrelevant in the above provision of income tax act 1961.

A qualifying relative is a person designated by federal income tax code to be allowed to be claimed as a dependent by a taxpayer assuming the taxpayer provided considerable financial support for. Meaning of relative under this section is quite short and crispy. The tax department thought so. You may also refer our other articles on the issue at following link.

As per gift tax any relative means as per section 56 2. The persons who are considered as relatives are. Further definition of relative under section 2 41 of income tax act 1961 is the main definition and if the term relative is not defined specifically under any other section then the meaning of term relative has to be defined according to this section. Dcit 2018 ts 5466 hc 2018 andhra pradesh o the high court held that an occasion is not necessary to accept a gift from a relative.

As per section 2 41 of the income tax act 1961 relative in relation to an individual means the husband wife brother or sister or any lineal ascendant or descendant of that individual. Brother or sister of the spouse of the individual. Income tax act contains various sections which involve relationship between two individuals. For income tax act we need to forget that the relative is a cohesive term.

As per the income tax act. The term relative definition under various laws is given as under. Definition of relative needs to be ascertained from the angel of recipient for each and every gift. A question arose whether for the purpose of levying tax under tamil nadu agricultural income tax agricultural income of any individual shall include agricultural income of a minor child of such individual as arising from assets transferred to the minor by such individual otherwise than for adequate consideration.

The term relative as per income tax act 1961 is defined under section 2 41 which says husband wife brother or sister or any lineal ascendant or descendent of that individual. Relative meaning jan 1 2020 income tax act 1961 kewal garg as per section 2 41 of income tax act 1961 unless the context otherwise requires the term relative in relation to an individual means the husband wife brother or sister or any lineal ascendant or descendant of that individual. In case of an individual. Section 2 41 relative in relation to an individual means the husband wife brother or sister or any lineal ascendant or descendant of that individual.