GIFT TO AUNT BY NIECE/ NEPHEW
This query is : Resolved
10 April 2023
CAN A NEPHEW OR NIECE MAKE A GIFT TO HER/HIS AUNT
10 April 2023
Yes, why not; but will be taxable under IT act, if the value exceeds Rs. 50,000/-
For the purpose of exempting certain gifts received from relatives under Section 56(2)(v), the term “relative” has been defined in the Explanation to the said clause to include:
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi).
For the purpose of exempting certain gifts received from relatives under Section 56(2)(v), the term “relative” has been defined in the Explanation to the said clause to include:
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi).
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