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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.
Jun 15, 2008 · (v) any lineal ascendant or descendant of the individual, (vi) any lineal ascendant or descendant of the spouse of the individual, and (vii) spouse of a person referred to in items (2) to (6) mentioned above. Since The 7th Clause include Spouse Of Clause 5th. So Son's Wife Is covered U/s 56 , And the Gift to Son's Wife is Not Chargeble To Tax
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 ...
Mar 25, 2020 · 5. Any lineal ascendant or descendant of the individual 6. Any lineal ascendant or descendant of spouse of the individual 7. Spouse of the person referred in point 2-6 above. In case of an HUF: Any member of the HUF. As per this definition, there may be 33 instances under which gift is not taxable in case of an individual from point 1 to 6.
Jul 4, 2008 · 8.0 As per the dictionary meaning ascendant means “someone from whom one is descended (but usually more remote than a grandparent)” and descendant means “a person considered as descended from some ancestor or race”. Lineal means “in a straight unbroken line of descent from parent to child”. Therefore, lineal descendant means in a ...
Feb 28, 2024 · Section 40A(2) of the Income Tax Act lays down provisions for the disallowance of certain payments to relatives. Let us discuss persons covered u/s 40A(2)(b).
Sep 28, 2016 · 28 September 2016 Hi, Good morning. please could you clarify lineal ascendant/descendant meaning as per section 2(41) of income tax act. will mother's mother and mother's father come under relative. please clarify ...
Nov 26, 2008 · whether lineal ascendants includes mother s mother. 26 November 2008 This is relevant in HUF contest.It means the same degeree of ascendents.Say father , fathers father,Fathers grand father likewise
Jun 7, 2024 · 07 June 2024 No, not exempt in case of cousin aunty, or even from cousin. Linear ascendant means father to grand ,,,, grand father/s but never their son/s.
Mar 26, 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),
