THE ASSESSEE HAS RECEIVED TWO GIFT BY CHEQUE AS UNDER

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This discussion clarifies the tax implications of receiving monetary gifts in the UK. A gift of £5 lakh from a cousin (uncle's son) is generally considered taxable as they are not always classified as a 'relative' for tax purposes. However, a gift from a father-in-law's elder brother (uncle of spouse) is typically exempt, as this individual falls under the definition of a 'relative' for tax relief.

chetan

chetan (Querist)
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10 August 2020 1) ONE FROM COUSIN BROTHER (UNCLE'S SON) RS.5 LAC

2) ONE FROM FATHER'S LAW (ELDER BROTHER) RS. 5 LAC

QUESTION : WHETHER GIFT RECEIVED WILL BE CONSIDER AS RECEIVED FROM "RELATIVE OF GIFT"

CA KARAN SINGH

CA KARAN SINGH (Expert)
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11 August 2020 IN the FIRST CASE, GIFT WILL NOT BE TREATED AS GIFT FROM RELATIVE. HENCE TAXABLE.
IN SECOND POINT DONOR IS NOT CLEAR. PLEASE CLARIFY IT

chetan

chetan (Querist)
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17 August 2020 2ND POINT IS - FATHER'S BIG BROTHER

CA KARAN SINGH

CA KARAN SINGH (Expert)
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17 August 2020 In the Second Case, Gift will be exempt

chetan

chetan (Querist)
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20 August 2020 1) ONE FROM COUSIN BROTHER (UNCLE'S SON) RS.5 LAC
2) ONE FROM FATHER IN LAW'S (BIG BROTHER) RS. 5 LAC QUESTION :
WHETHER GIFT RECEIVED WILL BE CONSIDER AS RECEIVED FROM "RELATIVE"