Is Gift Received From Husband's Uncle (Chacha) Taxable under Income Tax Act

Gifts received from your husband's uncle, referred to as 'Chacha', are generally considered taxable under the Income Tax Act if they exceed £50,000 in aggregate during the financial year. This is because the uncle is not typically classified as a 'relative' under the Act's definition. If the total value of gifts from non-relatives surpasses this threshold, the entire amount becomes taxable.