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Mar 10, 2010 · The answer first question would be 1)Lineal Ascendant means your father,grandfather, great grand father... Lineal Descendant means your son, grand son, great grand son. 2)No. she will not be considered a lineal ascendant or descdant. 3) No. The term lineal ascendant or descendant is also an often-used term but never defined in various Indian laws.
Mar 25, 2020 · 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. 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 ...
Jun 15, 2008 · S.Srinivasaraghavan (Chief Financial Officer and Co) (11318 Points) Replied 16 June 2008. lineal descendant is a person who is in direct line to an ancestor, such as child, grandchild, great-grandchild and on forever. lineal ascendant is the ancestors likewise. Upgrade to CAclubindia Pro.
Jun 15, 2008 · Query on Meaning of Lineal ascendant - Income Tax. 15 June 2008 please explain the term Lineal ascendant of an Individual in the view of taxability of gifts as per Section 56? will the term 'Lineal ascendant' include father and mother of mother i.e. grand parents from mother's side? in short, will Grand parents from mother's side of an Individual be termed as Relative for the purpose of taxation of gifts as per section 56? if there are any case laws or decided judgements or articles , please ...
Nov 26, 2008 · Follow. 26 November 2008 Lineal Descendants means desecendants on one line of ancestors. Grand father, father, son, grandson. Lineal descendants are the direct line of relationship flowing downwards from an individual starting with his children, grand children and their children and so on . Unlike collateral descendants it wont include brothers ...
Jul 4, 2008 · 5.4 Fourthly, S. 2(41) refers to “lineal ascendant / descendent”. Lineal means in a straight unbroken line of descent from parent to child. Therefore, horizontal relationship viz. lineal descendant of brother and sister are not covered.
Dec 26, 2020 · 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); Disclaimer: The above expressed views are purely the personal views of the authors. The possibility of other views on the subject matter cannot be ruled out.
Jan 12, 2008 · In my view, lineal ascendant or descendant covers relatives not only from the male side but also from the female side. Gifts received on the occasion of the recipients marriage will not be taxed, nor will be death-bed gifts and gifts received under a will or by way of inheritance. The general feeling is that the exceptions are not sufficient ...
Sep 28, 2016 · 28 September 2016 yes, as per section 2 (41)....relative of X is husband/wife of X, brother of X, sister of X, lineal ascendant of X, lineal descendant of X. (Please note for section 56 of Income tax act, the definition of relative is different than this) Venkataramireddy.A (Querist) Follow.
Mar 26, 2019 · Replied 27 March 2019. As per the Income Tax Act: 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. As per Gift tax: Any ‘Relative’ means as per Section 56 (2), Spouse. Brother or sister of individual or of spouse.
