Is gift received from Husband's Uncle (Chacha) taxable under Income Tax Act?
Is Gift Received From Husband's Uncle (Chacha) Taxable under Income Tax Act
Anand Gori (1 Points)
06 January 2021
4 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24588 Points)
Replied 06 January 2021
It is taxable under income tax act as husband uncle is not considered as relative
Kapadia Pravin
(17264 Points)
Replied 09 January 2021
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.
Tanuj Chandra Saxenaa
(Company Secretary)
(7085 Points)
Replied 14 December 2021
Fully taxable if gift from non relative exceeds 50000/- in aggregate during the f/y
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