meaning_of_relative

Meaning of Relative : List of 44 Relatives Who Can Give Tax Free Gifts to You !

Meaning of relative is very important to examine whether the gift receipt in hand of an individual is taxable or tax free. Section 56(2)of the Income Tax Act ┬áprovides that if any gift , whether in cash or in kind in excess of Rs 50,000 is received by an individual and HUF from any person…