Due to understandings within family my uncle's son is gifting a house owned by him to me. Will there be any gift/income tax applicable to either of us?
Menu
Gift/income tax payable on house gift from uncle son
Replies (2)
gift received without consideration from relative other than relative as mentioned on sec 56 of IT Act, if its stamp duty value exceeds Rs.50,000/-, the Stamp duty value will be treated as income in your hands and tax is chargeable on the same.
Hello,
Gift received from Relatives is fully exempted from the levy of tax and no income tax would be levied on such Gifts. but your uncle's son is not covered under relative defination there fore, It will be taxable in your hand.
Below is a comprehensive list of Donors as per definition of relative under I.Tax Act ( Hindi connotation has also been mentioned)
| List of Male Donors | List of Female Donors |
| Father (Papa or Pitaji) | Mother (Maa or Mummy) |
| Brother (Bhai) | Sister (Bahin) |
| Son (Beta or Putra) | Daughter (Beti or Putri) |
| Grand Son (Pota or Potra) | Grand Daughter (Poti or Potri) |
| Husband (Pati) | Wife (Patni) |
| Sister’s Husband (Jija) | Brother’s Wife (Bhabhi) |
| Wife’s Brother (Sala) | Wife’s Sister (Sali) |
| Husband’s Brother (Dewar) | Husband’s Sister (Nanad) |
| Mother’s Brother (Mama) | Mother’s Sister (Mausi) |
| Mother’s Sister Husband (Mausa) | Wife’s brother’s wife (Sala Heli) |
| Father’s Brother (Chacha or Tau) | Father’s Brother’s Wife (Chachi or Tai) |
| Father’s Sister’s Husband(Fufa) | Father’s Sister (Bua) |
| Grand Father (Dada, Pardada) | Grand Mother (Dadi, Pardadi) |
| Daughter’s Husband (Jawai) | Son’s Wife (Bahu or Putra Vadhu) |
| Spouse Father (Sasur) | Spouse Mother (Sas) |
| Spouse Grand Father (Dada Sasur) | Spouse Grand Mother (DadiSas) |
| Brother’s Wife (Bhabhi) | Mother’s Brother’s Wife (Mami) Husband’s Brother’s Wife (Devrani or Jithani) |
Recent Topics :
- GSTR-1 JSON from marketplace exports (Myntra / Ama
- Question on buy back of shares
- Saving corporate tax completely on profit from rea
- Hi experts need some helps
- A query regarding GST and Place of Supply:
- ADT-3 not filed by previous Auditor
- Revising salary on 24Q Q4 FY 25-26
- LTCG: Home Loan Principal Repayment?
- Ims action relationship query
- GIFT REGARDING
Related Topics :
CAclubindia
