SISTER CAN GIVE GIFT TO BROTHER' S SON AS IMMOVABLE PROPERTY OR MOVABLE ITEMS UNDER INCOME TAX ACT IT IS EXEMPT. UNDER WHICH CATEGORY THAT IS RELATIVES OR ANY OTHER . KINDLY CLARIFY.
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GIFT REGARDING
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Quick Summary
The gift received by a nephew from his father's sister (aunt) is 100% tax-exempt under the "Relatives" category per Section 56(2)(x) of the Income Tax Act, whether the property is movable or immovable.
Sec. 92(5)(g)(i)(D) of IT act, 2025..... defines relativr as....
| (D) | brother or sister of either of the parents; |
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