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Implication of income tax on gift

Tax queries 301 views 7 replies

Can an individual give gift in amount to father's brother when father is not alive? Any documents as proof to substantiate that person receiving gift is fathers brother?

Replies (7)

Yes, you can give the gift and it will be exempt under Income Tax Act, 1961. Generally, no document is required to give the evidence of relation. 

However, it is better to have 1. You can have a copy of the birth certificate where the father's name is mentioned. 

 

Gift received from relation rupees 100000 that is taxable or not?? is there any 50000 exceeding criteria
Gift to father's brother above 50000 is taxable in hands of the receiver.
Though father's brother is covered under the definition relative as section 56(2), it's not vice versa. brother's son is not covered under the definition relative and any gift received in excess of 50000 is taxable in the hands of recipient. please correct me if I'm wrong
Gifting to father's brother is covered u/s 56(2), father's son is excluded. So you are correct sir.
Sec 56(2)(x)
Agreed


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