Question on Income tax:
Mr. A gets a gift of rs. 2 lakhs from his niece and rs. 4 lakhs from his nephew in the financial year 2007-2008. Whether these gifts are taxable?
Menu
Gift from nephew/niece
Replies (6)
gifts from relatives are exempt. refer sec 56 of the IT act
But does niece and nephew qualify to be a relative???? Niece and nephew are not lineal descendants. Also the definition does not say specifically niece or nephew.
CHECK OUT
/articles/article_list_detail.asp?article_id=963
as per sec 56 nice nd nephew is not a relative in that case whole amt is taxable in F.Y. 2007-08 under income from other source head.
It is taxable in the hands of Mr.A
b coz niece & nephew is not a relative of Mr.A as per section 56(2)(vi) of The Income Tax Act,1961.
As per S56(2)(vi) Nephew and Niece are not covered under relatives. They are not a Lineal ascendant or descendant. So the hole amount is taxable under Income from other sources.
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
