Gift
This query is : Resolved
17 March 2012
IS GIFT RECEIVED FROM UNCLE IN CHEQUE EXEMPT FROM TAX ?? U/S 56
MY UNCLE WANTS TO GIVE ME SUM OF RS 200000/-
IS IT TAXABLE?
IF NOT WHAT PROCEDURE TO BE FOLLOWED TO PROVE IN INCOME TAX WHETHER GIFT DEED IS OK ON STAMP PAPER WITHOUT REGISTRATION
EXPERT ADVICE REQUIRED.
THANKS IN ADVANCE
MY UNCLE WANTS TO GIVE ME SUM OF RS 200000/-
IS IT TAXABLE?
IF NOT WHAT PROCEDURE TO BE FOLLOWED TO PROVE IN INCOME TAX WHETHER GIFT DEED IS OK ON STAMP PAPER WITHOUT REGISTRATION
EXPERT ADVICE REQUIRED.
THANKS IN ADVANCE
17 March 2012
Gift from a relative is exempt from tax.
uncle is a relative defined u/s 5.
hence u r not liable for tax on gift from u r uncle.
uncle is a relative defined u/s 5.
hence u r not liable for tax on gift from u r uncle.
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