GIFT
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 March 2011
Sir,
Kindly let me know, whether gift received from my Father's Brother's Daughter is taxable or exempted.
Whether it comes under the term Relative.
Revert Back at your earliest.
Kindly let me know, whether gift received from my Father's Brother's Daughter is taxable or exempted.
Whether it comes under the term Relative.
Revert Back at your earliest.
15 March 2011
Father's brother is defined as relative but daughter of Father's brother is not. So, gift directly received from her is taxable.
However you may plan as under:
Your father's brother's daughter will give a gift to your father's brother and then after your father's brother will gift you the same..this way it will bee exempt
However you may plan as under:
Your father's brother's daughter will give a gift to your father's brother and then after your father's brother will gift you the same..this way it will bee exempt
15 March 2011
Gift trasaction from a non relative shall be subject to tax u/s 56 ( 2).
Gift transaction from relative shall be exempted from the tax net.
Gift transaction from relative shall be exempted from the tax net.
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