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Gift

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07 February 2009 Can a niece give gift to her uncle ( Elder brother of her father )in view of the defination of relative u/s 2(41) of the I.T Act

07 February 2009 Yes. u/s 56(2)(v1) it is a gift exempted from income tax.

07 February 2009 An Uncle Can Received Gift from the following Person
1) His Brother and his Wife
2) His Sister and Her Husband
3) His Uncle and His Wife
4) His Aunty and her Husband (Bhuaji)
5) Linear Ascendant or Descendant

However Niece cannot give a gift to Uncle but he can received gift from his uncle


07 February 2009 I stand corrected. Thanks to Mr.Shah.



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