banner_ad

Gift from nephew (real brother's son)

This query is : Resolved 
Profile Image

Profile Image

(Querist)
02 July 2013 Can a real nephew (Real Brother's son) settled in USA gift money to his real uncle( Chacha) by way of remittance through Western Union/ Wire Transfer for the reconstruction/renovation of the family house. Is the money received Tax free or Taxable in income TAx ?If tax free under which section of the income tax Act?
Profile Image

CA Pooja Agarwal

Profile Image

CA Pooja Agarwal (Expert)
02 July 2013 The Explanation to Section 56(2)(vi) provides that the expression "relative" means: ­ Spouse of the individual; Brother or sister of the individual; Brother or sister of the spouse of the individual; Brother or sister of either of the parents of the individual; Any lineal ascendant or descendant of the individual; Any lineal ascendant or descendant of the spouse of the individual; and Spouse of the person referred to in clauses (ii) to (vi). nephew is not included under the definition of relative. so i am afraid that it would be taxable. views of others are welcome

Read more at: https://www.caclubindia.com/forum/gift-254870.asp
Profile Image

CA UMESH DULAL

Profile Image

CA UMESH DULAL (Expert)
02 July 2013 Yes Nephew, nice are not included in list so any gift for nephew & nice are taxable.
Profile Image

CS RAJESH C.CHOUDHARY

Profile Image

CS RAJESH C.CHOUDHARY (Expert)
02 July 2013 It is Taxable if it is transfer to Nice and Nepew.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
12 May 2026
Accounts Executive

Nafa Group

Mumbai

B.Com

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
07 May 2026
CA Assistant

amit desai and co

Mumbai

CA Final

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details