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??

CA Mahendra modi

CA Mahendra modi (Expert)
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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.

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