gift to relative
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 June 2011
Hi,
1)I Have given cash gift Rs. 1 lac to my aunty(chachi/ father's brother's spouse).
Is this amount covered under gift??
Is it taxable??
2) My aunty has given me cash gift of Rs. 1 lac ?
Is this amount taxable??
1)I Have given cash gift Rs. 1 lac to my aunty(chachi/ father's brother's spouse).
Is this amount covered under gift??
Is it taxable??
2) My aunty has given me cash gift of Rs. 1 lac ?
Is this amount taxable??
CA Mahendra modi
(Expert)
18 June 2011
If u receive gift from u r chachi it is not taxable as she is covered under defination of relative which includes spouces of brother or sister of the parents of the individual.
But gift given by u to your chachi will be taxable.
But gift given by u to your chachi will be taxable.
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