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Gift tax payable from relatives

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Ashok Kumar T T

Ashok Kumar T T (Querist)
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25 June 2023 Gift from my mother’s sisters son to me is taxable or exempted qualifying in relatives ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 June 2023 Not taxable.
She is relative to you as per sec. 56(2) of IT act.

Ashok Kumar T T

Ashok Kumar T T (Querist)
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25 June 2023 Thanks. I rephrase the question. Gift from my mother’s sisters SON to me is taxable or exempted qualifying in relatives ?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 June 2023 Changed the query !!
Yes, it is taxable as cousin is not under definition of relative under IT act.

Ashok Kumar T T

Ashok Kumar T T (Querist)
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25 June 2023 Thank you for your reply.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 June 2023 You are welcome.

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