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Gift From Brother-in-Law is Exempted U/s 56 Of Income Tax Act: ITAT

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The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has held that a gift received by an individual from his brother-in-law qualifies as a transfer from a “relative” under Section 56(2)(vii) of the Income Tax Act, 1961, and is therefore not taxable as “income from other sources.” The Bench of George Mathan (Judicial Member) and…

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Amit Sharma
Amit Sharma
Amit Sharma is the Content Editor at JurisHour. He has been writing about the Indian legal market. He has covered tax & company litigation stories from the Supreme Court, High Courts and Various Tribunals. Amit graduated from MLSU Law College with B.A.LL.B. and also holds an LL.M. from MLSU, Udaipur, Rajasthan. An Advocate in Taxation, and practised in Tribunals as well as Rajasthan High Court and pursued Masters in Constitutional Law. He started out small with little resources but a big plan to take tax legal education to the remotest locations across India and eventually to the world. His vision is to make tax related legal developments accessible to the masses.

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