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gift from Bhatija to Chacha and vice versa

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395 Points Joined January 2018
pl advise Gift from Bhatija to Chacha (uncle) and vice versa is taxable under income tax act
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On 21 August 2018 at 13:02 Report
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SEO Sai Gr. Hosp.
211557 Points Joined July 2016

Gift received by bhatija from chacha is tax-exempt; but not vice-versa.......

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On 21 August 2018 at 13:11
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practitioner
553 Points Joined February 2012

Gift received by Bhatija is exempted as they are relative u/s 56(2)(vii).

chacha cannot receive gift from bhatija. It will be taxable.

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On 21 August 2018 at 13:36

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