30 March 2015
Whether a Gift of movable amount by means of Account payee cheque from Uncle to his nephew through a gift deed is exempted from tax as the same is covered under definition of term "Relative".
is it valid gift and exempt from tax by virtue of section of 56 of I.T.Act
Thanks for reply. i wanted to confirm whether this relationship is covered under definition of term relative or not as per law. please give reply in yes or no.
CAclubindia
