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

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1 Points Posted on 06 January 2021

Is gift received from Husband's Uncle (Chacha) taxable under Income Tax Act?

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On 06 January 2021 at 15:50 Report
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Chartered Accountant
24588 Points Posted on 06 January 2021
It is taxable under income tax act as husband uncle is not considered as relative
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On 06 January 2021 at 16:41
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524 Points Posted on 06 January 2021
Fully taxable if exceeds Rs.50000
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On 06 January 2021 at 18:27
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17264 Points Posted on 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.
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On 09 January 2021 at 15:27
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Company Secretary
7085 Points Posted on 14 December 2021
Fully taxable if gift from non relative exceeds 50000/- in aggregate during the f/y
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On 14 December 2021 at 21:07


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