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 ?
CA PARAS BAFNA
(Expert)
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.
.
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