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Gift

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(Querist)
20 August 2012 1.iam receiving a gift of 500 gms of gold jewelles from my cousin is it taxable? Iam takingcare of him and he is staying with me since he is ill.
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CA Ayush Agarwal

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CA Ayush Agarwal (Expert)
20 August 2012 include all ascendent and desecendent.
cousin is not included
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SANYAM ARORA

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SANYAM ARORA (Expert)
20 August 2012 Yes it will be taxable as cousins are not included in the definition of " Relatives "
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
07 October 2021 Cousin can gift it to his parents, which will be tax exempt. & they can gift it to you without any tax liability.
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