Taxability of Gift Money given to maternal uncle (mama)
Raj Thakkar (ARTICLE) (382 Points)
23 April 2024Raj Thakkar (ARTICLE) (382 Points)
23 April 2024
Nikhil Kaushik
(Fellow CA)
(85700 Points)
Replied 23 April 2024
its not exempt.
refer: https://business.outlookindia.com/personal-finance/tax/gift-received-from-nephew-is-not-exempt-from-taxation-under-section-56-2#:~:text=So%2C%20gift%20received%20by%20a,tax%20on%20it%20as%20well.
Khush Trivedi
(3946 Points)
Replied 23 April 2024
Vishal Manakshe
(299 Points)
Replied 24 April 2024
CA Anoop Kumar Sharma
(Accounts Manager)
(2065 Points)
Replied 24 April 2024
Yes taxable...not cover in relative definition
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)