Is gift received from Husband's Uncle (Chacha) taxable under Income Tax Act?
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Is Gift Received From Husband's Uncle (Chacha) Taxable under Income Tax Act
Replies (4)
It is taxable under income tax act as husband uncle is not considered as relative
Fully taxable if exceeds Rs.50000
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.
Fully taxable if gift from non relative exceeds 50000/- in aggregate during the f/y
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