Gift to nephew is taxable or not
This query is : Resolved
25 July 2017
One of my client has given some fund in form of Gift to its Nephew (Chachi to Bhatiza) my query is whether such Gift transaction is Taxable or not in Income Tax Act.
25 July 2017
Exempted..........
18 October 2021
For Bhatiza ,,, Chahchi is relative under sec. 56(2) of IT act...... So, tax free...
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