Wether GIFT from Uncle(Father's brother) to his/her Nephew/Niece(Brother's Son/Daughter), Is Chargeable to TAX or NOT...??
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Wether GIFT from Nephew/Niece(Brother's Son/Daughter) to Uncle(Father's brother), Is Chargeable to TAX or NOT...??
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Gift to nephew
Replies (18)
Quick Summary
If gift is given from "UNCLE" to "NEPHEW" (assesee) then it is not taxable as per (iv) below.
But Gift from "NEPHEW" to "UNCLE" is TAXABLE as per IT act because the same doesnt cover under IT Act in the hands of "UNCLE"
Relatives u/s 56(2)(vii) from whom Gift is permissible under Income Tax Act, 1961
(i) spouse of the individual;
(ii) brother or sister of the individual;
(iii) brother or sister of the spouse of the individual;
(iv) brother or sister of either of the parents of the individual;
(v) any lineal ascendant or descendant of the individual;
(vi) any lineal ascendant or descendant of the spouse of the individual;
(vii) spouse of the person referred to in clauses (ii) to (vi)
Uncle is not included in the definition of Relative as per Income Tax Act, 1961.
So it is Taxable.
Gifts received from any relative, as defined under the Act, is not taxable. In case of gift of money received from a relative, it is advisable to have gift deed/letter of understanding exchanged and kept in records by the recipient of the gift for future reference.
Hence, it is prudent to maintain documentary evidence in respect of the gifts received, to avoid any dispute with tax authorities at a later stage.
Following are considered as relatives(in case of individual) under income tax act::
1) spouse of individual -----husband/wife
2)brother / sister of individual
3)brother/ sister of spouse of individual -----brother in law/sister in law
4)brother/ sister of either of parents of indiviual -----chacha/mama/bua/maasi
5) lineal ascendents/descendents of individual -----daada/daadi/naana/ naani
6)lineal ascendents/descendents of spouse of individual
7) spouse of persons mentioned abv(1---6)
Hence, Gift recieved from Uncle is exempt from the purview of tax..
Whether gift recd from father in law is taxable as the payment is made by cheque through my spouse account for gift?
Nope. It is not taxable!!
Income received from relative exempt from tax!!
And father in law is a relative..
So its nlt taxable
If cash of Rs. 4 Lacs received jointly to me and my mother from uncle as per the his will/deed, is it taxable?
Please let me know whether gift from uncle( Assesse) to his sister's son is taxable or not ??
Hello @ Rajdeep
Gift received from Relatives is fully exempted from the levy of tax and no income tax would be levied on such Gifts.
Uncle is covered under relative defination therefore, It will not be taxable in sister's son hand.
Sir,
In our opinion gift from Nephew to uncle u/s. 56(2) of I.T.Act,1961 is exempted from tax in view of clause (vi) and explanation of clause relative (iv) of the explanation which is reproduce below:
Relatives from whom Gift is permissible under Income Tax Act
|
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 (Chaha or Tau) |
Father’s Brother’s Wife (Chachi or Tai) |
|
Father’s Sister’s Husband(Fufa) |
Father’s Sister (Bua) |
|
Grand Father (Dada) |
Grand Mother (Dadi) |
|
Great Grand Father (Pardada) |
Great Grand Mother (Pardadi) |
|
Daughter’s Husband (Jawai) |
Son’s Wife (Bahu or Putra Vadhu) |
|
Wife’s Father (Sasur) |
Wife’s Mother (Sas) |
|
Husband’s Father (Sasur) |
Husband’s Mother (Sas) |
|
Wife’s Grand Father (Dada Sasur) |
Husband’s Grand Mother (DadiSas) |
|
Husband’s Grand Father (Dada Sasur) |
Wife’s Grand Mother (Dadi Sas) |
|
Wife’s Great Grand Father (Bada Dada Sasur) |
Husband’s Great Grand Mother (Badi Dadi Sas) |
|
Husband’s Great Grand Father (Bada Dada Sasur)
|
Wife’s Great Grand Mother (Badi Dadi Sas) |
|
Brother’s Wife (Bhabhi) |
Mother’s Brother’s Wife (Mami) Husband’s Brother’s Wife (Devrani or Jithani) |
Dear Sir,
Gift from nephew to uncle is not shown in the above table
gift received from paternal uncle by nephew's wife is taxable or not?
IS NANA NANI COMES UNDER THE DEFINITON OF RELATIVE
Hi,
These are the relatives as per the definition of relatives under the Income Tax Act for the purpose of Gifts taxation.
| S no. | प्राप्तकर्ता से सम्बन्ध | Relation with the recipient |
| 1 | पति/पत्नी | Husband/Wife |
| 2 | भाई | Brother |
| 3 | बहन | Sister |
| 4 | ननद | Husband’s Sister |
| 5 | जेठ/देवर | Husband’s Brother |
| 6 | साली | Wife’s Sister |
| 7 | साला | Wife’s Brother |
| 8 | बुआ | Father’s Sister |
| 9 | चाचा/ताऊ | Father’s Brother |
| 10 | मौसी | Mother’s Sister |
| 11 | मामा | Mother’s Brother |
| 12 | पिता | Father |
| 13 | माता | Mother |
| 14 | बेटा | Son |
| 15 | बेटी | Daughter |
| 16 | दादा | Grandfather |
| 17 | परदादा | Great grandfather |
| 18 | दादी | Grandmother |
| 19 | परदादी | Great grandmother |
| 20 | पोता | Grandson |
| 21 | पोती | Grand daughter |
| 22 | पड़पोता | Great grandson |
| 23 | पड़पोती | Great grand daughter |
| 24 | ससुर | Husband’s Father |
| 25 | ससुर | Wife’s Father |
| 26 | सास | Husband’s Mother |
| 27 | सास | Wife’s Mother |
| 28 | पति के दादा | Husband’s grandfather |
| 29 | पत्नी के दादा | Wife’s grandfather |
| 30 | पति की दादी | Husband’s grandmother |
| 31 | पत्नी की दादी | Wife’s grandmother |
| 32 | पति के परदादा | Husband’s great grandfather |
| 33 | पत्नी के परदादा | Wife’s great grandfather |
| 34 | पति की परदादी | Husband’s great grandmother |
| 35 | पत्नी की परदादी | Wife’s great grandmother |
| 36 | भाई की पत्नी (भाभी) | Brother’s wife |
| 37 | जीजा | Sister’s husband |
| 38 | नन्दोई | Husband’s sister’s husband |
| 39 | साडू | Wife’s sister’s husband |
| 40 | दौरानी/जेठानी | Husband’s brother’s wife |
| 41 | सलाईली | Wife’s brother’s wife |
| 42 | फुपा | Father’s sister’s husband |
| 43 | चाची/ताई | Father’s brother’s wife |
| 44 | मौसा | Mother’s sister’s husband |
| 45 | मामी | Mother’s brother’s wife |
| 46 | बहु | Son’s wife |
| 47 | दामाद | Daughter’s husband |
| 48 | पोते की पत्नी | Grandson’s wife |
| 49 | पड़पोते की पत्नी | Great grandson’s wife |
| 50 | पोती का पति | Grand daughter’s husband |
| 51 | पड़पोती का पति | Great granddaughter’s husband |
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