Gift tax
This query is : Resolved
15 January 2016
If gift is given to son of my mother's sister whether it is taxable or exempt ?
15 January 2016
As per explanation (e) to Section 56(2)(vii) If gift is given by you to Hamid (say), the son of your Mausi/Khala, it is taxable if amount exceeds Rs 50000/-.
However if you gift money through your mother, it will not be taxable. As per explanation (e) in case of an Individual (Hamid) relative means - brother or sister of any of the parent s of the Individual.
.
However if you gift money through your mother, it will not be taxable. As per explanation (e) in case of an Individual (Hamid) relative means - brother or sister of any of the parent s of the Individual.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Management System (IMS)
- Rental income gst and it purpose
- EPF FULL & FINAL RULES IN 2026
- Gift Received from nonblood relative
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
