gift to first cousin
This query is : Resolved
sanjeevmehra
(Querist)
07 May 2011
can a parson give or take gift of rs 10 lacs to his first cousin out of his taxable income
CA. Saurabh Agrawal
(Expert)
07 May 2011
there is no bar in giving and taking gift from any one. but recieving a gift above 50000 value is taxable other than from relatives. in this case cousin does not come under the definiftion of relative so giving gift of Rs. 10 lacs is taxable in hand of Cousin.
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