Gift

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This discussion clarifies the taxability of a gift given by a nephew to his aunt, specifically his father's brother's wife. According to Section 56(2) of the Income Tax Act, this transaction is considered taxable. Since the nephew is not considered a relative in this context, any gift exceeding £50,000 received by the aunt will be subject to income tax.

AKSHAY KHANDELWAL

AKSHAY KHANDELWAL (Querist)
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15 July 2020 gift given by nephew to his aunty (father's brothers wife) wheather taxable or not.

swasti

swasti (Expert)
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16 July 2020 This would be a taxable transaction.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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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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