Gift
This query is : Resolved
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
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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