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 | ||
 |
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?
Sanath Sheshagiri & Co.
Bengaluru
CA Inter
View Details
Bharat Shah & Associates
Mumbai
CA Inter
View Details
PARV & Co.
New Delhi
CA Inter
View Details
Austin Med Solutions Pvt Ltd
Bengaluru
CA
View Details
CCI
Pro
CAclubindia
