List of relatives covered under Section 56(2) of Income Tax Act,1961

In this article, we will discuss the list of relatives covered under section 56(2) of the Income-tax Act.

Under the Income-tax Act, If Any sum of money or value of property received without consideration or for inadequate consideration to be subject to tax in the hands of the recipient

But If Any sum of money or value of property received without consideration or for inadequate consideration from the relative is outside the purview of Tax.

So here’s the list of Relatives under section 56(2) of the Income tax Act.

List of Relatives Mentioned Under Section 56(2) of Income-tax Act,1961

(a) In case of an individual –

• Parents of the Individual
• spouse of the individual;
• Son and Daughter of Individual
• Son and daughter spouse of the individual
• brother or sister of the individual;
• brother or sister of the spouse of the individual;
• the spouse of the brother or sister of either of the parents of the individual;
• Grandparents, Brother and sister of parents of the individual;
• Grandparents and Parents of the spouse of the individual
• spouse of any of the persons referred in (i) to (vi) above.

(b) In the case of Hindu Undivided Family , any member thereof.