My father's first cousin wants to gift a property to me. Valuation is much more than 25 k. Will it be taxable as deemed income for me ?
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Is gift from uncle taxable ?
Replies (9)
If the Aggregate value of the gifts received in an A.Y is less than 50000 rupees, then it is not taxable.
totally agree with rohit.
fathers cousin is not a "relative" in the Act.
therefore if the amt exceeds 50000, the whole amt will be taxable
/articles/taxability-of-gifts--13652.asp#.T-LnxBfro5s
Plz Visit at Above Link for Clarification
No need to worry for ANY GIFT below Rs.50,000/- from ANY ONE.
There is no limit to receive GIFTS from any relative defined u/s 2(41). But any excess amount/consideration received from any non-relative is taxable u/s 56.
till the amt of Rs.50000 nothing is taxable .....
Agreed with all above. It is not taxable as upto Rs 50K.
agree with all... uncle is not covered under relative... hence as amount exceeds 50000 it will become taxable.... upto 50000 it is exempt....
/articles/taxability-of-gifts--13652.asp#.T-LnxBfro5s
Visit Above link for Clarification
Upto 50000aggregate gift from anyone in a year is not taxable. Any document to prove that they are gifts? Is it to be shown in I T Return ? and where?
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