Gift from Relative (Father's Sister and Her Husband)

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This discussion clarifies whether a property received as a gift from a father's sister (Bua) and her husband (Fufa) is taxable under Indian Income Tax. According to Section 56(2)(x) of the Income Tax Act, 1961, gifts received from specified relatives are exempt from tax. Since a father's sister and her husband fall under the definition of 'relative', the gifted immovable property in this case is not taxable.

Neha Anand Dhakorkar

Neha Anand Dhakorkar (Querist)

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?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

14 September 2020 It will fall under gift to relative hence no tax payable.

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PARAS CHHAJED

PARAS CHHAJED

(Expert)

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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