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
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Taxability of gift
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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