Gift tax payable from relatives
This query is : Resolved
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25 June 2023
Gift from my mother’s sisters son to me is taxable or exempted qualifying in relatives ?
25 June 2023
Not taxable.
She is relative to you as per sec. 56(2) of IT act.
She is relative to you as per sec. 56(2) of IT act.
25 June 2023
Thanks. I rephrase the question. Gift from my mother’s sisters SON to me is taxable or exempted qualifying in relatives ?
25 June 2023
Changed the query !!
Yes, it is taxable as cousin is not under definition of relative under IT act.
Yes, it is taxable as cousin is not under definition of relative under IT act.
25 June 2023
Thank you for your reply.
25 June 2023
You are welcome.
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