Gift from relative under income tax

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proprietor
68 Points Posted on 17 August 2020
Please guide
Can mama give gift to bhanej (sister's son) and vice-versa??
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On 17 August 2020 at 17:42 Report
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This discussion clarifies the income tax implications of gifts exchanged between a maternal uncle (mama) and their sister's son (bhanej) in the UK. Generally, gifts from a mama to a bhanej are tax-free for the recipient. However, gifts from a bhanej to their mama are taxable in the hands of the mama. The definition of 'relative' for income tax purposes can be found in section 56(2).

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Tax and Business Consultant
11616 Points Posted on 17 August 2020
Mama to Bhanej...tax free..Not taxable for Bhanej
Bhanej to Mama.. taxable in hand of Mama

So, Mama can give gift, but can't receive gift from Bhanej
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On 17 August 2020 at 18:03
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proprietor
68 Points Posted on 17 August 2020
Thank u... do u have chart of relatives for income tax purpose???
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On 17 August 2020 at 18:09
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12244 Points Posted on 18 August 2020
Relative definition is given in section 56(2) ma'am, you can look into
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On 18 August 2020 at 01:53

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