Posted on June 30, 2010.
In a gift of property registration act what is the definition of a parent? In addition, if the property is gifted to the wedding, is there a limit to the amount associated with the property. In how many days of marriage must be endowed with the property and registered?
Very good answer by HMT.
The provisions of Article 56 (2) (vi) applicable to the taxation of gifts of more than Rs 50,000 in a year as a whole are applicable for gifts received from unrelated persons. Thus, any donation of any amount of parents during the year is completely exempt from tax. Therefore, it is essential to know the meaning of the term "relative" to this end. The explanation of Article 56 (2) (vi) provides that the term "parent" means: ¬
aec Spouse of the person;
aec Brother or sister of the individual;
aec Brother or sister of the wife of the individual;
aec Brother or sister of a parent of the individual;
aec any lineal ascendant or descendant of the individual;
aec any direct ascendant or descendant of the spouse of the person, and
aec Spouse of the person referred to in paragraphs (ii) to (vi).
A happy feature of the provision of taxation of gifts is that any gift received from any person at the wedding of the donation is not subject to tax at all. There is no monetary limit attached to this exemption, which is provided by the clause of Article 56 (2) (vi). However, it is unclear whether this provision should have been giving the exact date of marriage, or a few days before or later. Normally, it should suffice if the gift is given only at the marriage of the individual, which means either the wedding day itself or a day or two before or after. practical standpoint sanity in such cases.
HMT
