Section 1
Ins. by Act 26 of 2018, s. 3 (w.e.f. 6-6-2018).
1. Ins. by Act 26 of 2018, s. 3 (w.e.f. 6-6-2018).
(a) a person who is a relative of the individual or a relative of the spouse of the individual;
(b) a partner of a limited liability partnership, or a limited liability partnership or a partnership firm, in which the individual is a partner;
(c) a person who is a trustee of a trust in which the beneficiary of the trust includes the individual, or the terms of the trust confers a power on the trustee which may be exercised for the benefit of the individual;
(d) a private company in which the individual is a director and holds along with his relatives, more than two per cent. of its share capital;
(e) a public company in which the individual is a director and holds along with relatives, more than two per cent. of its paid-up share capital;
(f) a body corporate whose board of directors, managing director or manager, in the ordinary course of business, acts on the advice, directions or instructions of the individual; (g) a limited liability partnership or a partnership firm whose partners or employees in the ordinary course of business, act on the advice, directions or instructions of the individual;
(h) a person on whose advice, directions or instructions, the individual is accustomed to act;
(i) a company, where the individual or the individual along with its related party, own more than fifty per cent. of the share capital of the company or controls the appointment of the board of directors of the company.
Explanation . — For the purposes of this clause,—
(a) " relative " , with reference to any person, means anyone who is related to another, in the following manner, namely:—
(i) members of a Hindu Undivided Family,
(ii) husband,
(iii) wife,
(iv) father,
(v) mother,
(vi) son,
(vii) daughter,
(viii) son ' s daughter and son,
(ix) daughter ' s daughter and son,
(x) grandson ' s daughter and son,
(xi) granddaughter ' s daughter and son,
(xii) brother,
(xiii) sister,
(xiv) brother ' s son and daughter,
(xv) sister ' s son and daughter,
(xvi) father ' s father and mother,
(xvii) mother ' s father and mother,
(xviii) father ' s brother and sister,
(xix) mother ' s brother and sister, and
(b) wherever the relation is that of a son, daughter, sister or brother, their spouses shall also be included; ' .
Roop's Law Assist