Is gift received from Husband's Uncle (Chacha) taxable under Income Tax Act?
Replies (4)
Quick Summary
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.
Gift from non-relative above in aggregate of 50000/- during the year is taxable. Relative has been defined in section itself. I don't think Chacha doesn't falls in definition. So taxable subject to threshold of 50000/-. Above threshold, fully taxable from Rs 1 only.