Gift is taxable or not?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 January 2014
IF X WANTS TO RECEIVED A GIFT OF RS.5 LAKHS FROM THE UNCLE I.E. HUSBAND OF SISTER OF HIS FATHER. IS IT TAXABLE IN THE HANDS OF HIS OR NOT? THE CLEAR QUESTION IS THAT UNCLE (HUSBAND OF SISTER OF X'S FATHER) IS INCLUDED IN SUCH CATEGORY UNDER SECTION 56 OF THE INCOME TAX ACT 1961
18 January 2014
yes he is covered. he is spouse of sister of the parent...please read clause (iv) with (vii) of the definition of relative.
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