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GIFT TO AUNT BY NIECE/ NEPHEW

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10 April 2023 CAN A NEPHEW OR NIECE MAKE A GIFT TO HER/HIS AUNT
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
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).
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