Gift from Relative (Father's Sister and Her Husband)
This query is : Resolved
14 September 2020
Immovable property having Market Value Rs. 33,00,000 and Stamp Duty above Rs. 50000 is received as gift from relative (Father's Sister and Her Husband) , is it Taxable under Income tax?
14 September 2020
It will fall under gift to relative hence no tax payable.
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15 September 2020
Father's sister and her husband i.e. Bua and Fufa are covered within the definition of relative of an individual and therefore not liable to tax u/s 56(2)(x) of the I. T. Act, 1961
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