For Gift Purpose

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RAHUL WADHWANI (Querist)

21 October 2017 Dear Sir/Mam Plz tell me Can uncle (mausa) give gift to our nephew (bhanja) or not. Means any amount by way of cheque,NEFT or RTGS, and It is exempt or not..

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

21 October 2017 If gift is given to relative then same is exempted......

RAHUL WADHWANI

RAHUL WADHWANI (Querist)

21 October 2017 Ok mam thanx I got it, from my way it is relative and it is exempted..

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RAJA P M

RAJA P M (Expert)

21 October 2017 1. Gifts received from Relatives Gift received from Relatives is fully exempted from the levy of tax and no income tax would be levied on such Gifts. To remove any confusion regarding the classification of Relatives, the Income Tax Act has very clearly laid down that only the following would be treated as relative for the purpose of claiming exemption from payment of Gift Tax:- Spouse of the Individual Brother or Sister of the Individual Brother or Sister of the spouse of the Individual Brother or Sister of either of the parents of the Individual Any Linear ascendant or descendent of the Individual Any Linear ascendant or descendent of the spouse of the Individual Spouse of the person mentioned above There is no maximum limit on the value of gifts received to be exempted from Gift Tax. All gifts received from relatives (irrespective of value) are exempted from the levy of Gift Tax.

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)

21 October 2017 Correctly understood Rahul....

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RAHUL WADHWANI

RAHUL WADHWANI (Querist)

21 October 2017 and thnx 2 u also Raja Sir.

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