Gift
This query is : Resolved
Quick Summary
AKSHAY KHANDELWAL
(Querist)
15 July 2020
gift given by nephew to his aunty (father's brothers wife) wheather taxable or not.
Dhirajlal Rambhia
(Expert)
05 November 2021
As per sec. 56(2) of the act for Chachi, nephew is not relative, hence the gift received by her, for any amount of Rs. 50,000/- or more will be taxable under IT act.
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