Gift from nephew (real brother's son)
This query is : Resolved
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?
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
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Read more at: https://www.caclubindia.com/forum/gift-254870.asp
02 July 2013
Yes Nephew, nice are not included in list so any gift for nephew & nice are taxable.
02 July 2013
It is Taxable if it is transfer to Nice and Nepew.
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