Taxability of gift

Tax planning 294 views 1 replies

Hellow,

I want to know the taxablity of the following transaction:

 

If the shop having been run by my Uncle (brother of my father)  then is it taxable or not? does it fall in the definition of relative?

 

Thanks

Replies (1)

A "relative" includes Brother or sister of either of the parents of the individual. If if your uncle gifts you the shop, it is not taxable.


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