Taxabilty

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CA YOGESH GARG GMG PLYWOODS (Querist)
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30 December 2011 If a Person Receive some amount as Gift From his NRI uncle and invest that in India and earn income then in whose hand the same will be taxable???

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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30 December 2011 If the uncle is brother of either of the parents of the individual, then the gift received is exempt in the hands of the receipient.

Further, income earned on such gift will be taxable in the hands of the recipient and not the uncle.

CA YOGESH GARG GMG PLYWOODS

CA YOGESH GARG GMG PLYWOODS (Querist)
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30 December 2011 thanzzz a lot...sir do u hve any supportive case or section in this regard

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 December 2011 Section 56(2)(vii) of the Income Tax Act deals with taxability of gifts in the hands of the recipient. The said Section provides that gifts received from relatives are exempt.

Further, Section 64 of the Income Tax Act deals withclubbing provisions.

Section 64 does not provide for clubbing when asset is received from UNCLE.

It is only for individual to spouse, minor etc.

CA YOGESH GARG GMG PLYWOODS

CA YOGESH GARG GMG PLYWOODS (Querist)
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01 January 2012 thanzzz a lot

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