Menu
Gift
I have gifted substantial amount (Rs 2 lakh) to my aunt (Father's sister). She is unmarried and has no source of income. Is there any tax implication on this Gift ? I found in a financial newspaper that gift to blood relatives including parent's brother/sister are outside the purview of gift tax . Experts please confirm
Replies (3)
There is no incidence of tax on doner or donee since it is relatives are in exemted categary
Gift to aunt will be to a exempt person specified in the section hance, not liable for tax. Of course you may required to prove your source of income and financial capability of giving gift.
There will be no tax implications in the hands of giver or receiver, as gift received from relatives (Blood relations only)
Recent Topics :
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
- CAN PARTNERSHIP FIRM SIGN SERVICE AGGREMENT WITH A
- E-waybill
Related Topics :
CAclubindia
