My maternal uncle is desirous of giving my children a cash gift. Although giving it directly to them would be taxable, I understand that u/s 56(2) pt. d, he can give it to me.
1. Can he also give it to my wife? As there are certain litigations in my name, I do not wish to bring that amount into scrutiny.
2. Can I or my wife immediately gift it to my child in the same financial year?
| Originally posted by : Gauthami | ||
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as per sec 56(2)(x) if gift received from relative defined under income tax act, then such gift shall not be taxable. In that definition brother, sister & their spouses of an individual's parents are included. hence if received from him, it's not taxable. A gift received by child from his parents is also not taxable |  |
You didnt understand the question. Can the uncle gift to the individuals spouse?
And the second part of the question. can it be regifted to another person in same period?
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