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Gift to nephew

Tax queries 52230 views 18 replies
Quick Summary
Gift from uncle to nephew or niece is not taxable as uncle is a relative under the Income Tax Act. However, gift from nephew or niece to uncle is taxable since nephew or niece is not covered as a relative.

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Practice
590 Points Posted on 20 January 2021
Uncle is covered in the definition of relatives and hence gift received from uncle is exempt. But niece and nephew are not included in the definition of relatives and hence gift from them is taxable.
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On 20 January 2021 at 19:30
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4 Points Posted on 06 November 2021

I understand that nephew is exempt, but what is tax trerment in hand of uncle

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On 06 November 2021 at 17:17
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215 Points Posted on 06 November 2021

In simple words not taxable.

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On 06 November 2021 at 18:50
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4 Points Posted on 06 November 2021

For both not taxable?

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On 06 November 2021 at 21:52


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