Gift from Maternal Uncle (mama), i.e. mother's own brother

This query is : Resolved 
Quick Summary
Receiving a gift of £7 lakhs from your maternal uncle (your mother's brother) for a property purchase in the UK is generally tax-exempt. According to Section 56(2)(x) of the Income Tax Act, 1961, gifts from such close relatives are not subject to tax implications for the recipient.

Profile Image

Profile Image

(Querist)
07 May 2024 Can Maternal Uncle (mother's own brother) gift 7 lk.. without any tax implications?
(The purpose is to trnsfr this money (equivalent) to UK to assist in purchase of the property.)
Profile Image

Dhirajlal Rambhia

Profile Image

Dhirajlal Rambhia (Expert)
07 May 2024 Yes. As per sec. 56(2)(x) of IT act, gift received from Maternal uncle is tax exempt to Bhanja.
Profile Image

CA Puja Sharma

Profile Image

CA Puja Sharma (Expert)
08 May 2024 Yes, the gift will be exempt from tax under The Income Tax Act, 1961
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries


Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Pro Member Vinay GroverVinay GroverPro Member SURESH KRISHNASAMYSURESH KRISHNASAMYPro Member P.S.HarishankarP.S.HarishankarPro Member N N V SatishN N V SatishPro Member CA.Pinank Arvindbhai ShahCA.Pinank Arvindbhai Shah
Subscribe to Pro
Join an elite circle of professionals



Answer Query



Quick Links



Browse by Category