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
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.
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