TMI BlogGift u/s 56(2) (vii) - scope of term relatives u/s 2(41) - Grant of exemption from income tax on gifts...Gift u/s 56(2) (vii) - scope of term relatives u/s 2(41) - Grant of exemption from income tax on gifts received - relatives as defined under Section 2(g) of the Senior Citizens Act - To be treated at par with ‘relative’ under Section 2(41) and Section 56 of the Income Tax Act, 1961 or not - a statutory definition in one context cannot be imported in another Act especially when the two Acts define the same term differently. - HC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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